Alibaba quarterly revenue surges 54pc to $7.7b

AFP, BEIJING: Chinese e-commerce giant Alibaba said yesterday its revenues leapt 54 per cent year-on-year for the quarter ended in December, spurred by rapid growth in Chinese online shopping.
Revenue for the company, seen as a benchmark for China's increasingly crucial consumer sector, reached 53.25 billion yuan ($7.7 billion) in the quarter, it said in a statement.
Its net income attributable to ordinary shareholders was 17.9 billion yuan ($2.57 billion) in the quarter, up 43 per cent over the same period the previous year.
The result "demonstrates the strength of the Chinese consumer and Alibaba's ability to create value across our vast ecosystem", said Daniel Zhang, chief executive officer of Alibaba Group.
Alibaba is China's dominant player in online commerce, with its Taobao platform estimated to hold more than 90 per cent of the consumer-to-consumer market. Its Tmall platform is believed to handle over half of business-to-consumer transactions.
But China's largest online shopping portal has been on the defensive since the office of the US Trade Representative put Taobao on its annual blacklist in December, saying it was not doing enough to curb sales of fake and pirated goods.
Although inclusion on the blacklist carries no penalties in itself, it dealt a blow to Alibaba's efforts to improve its image and boost international sales.

Alibaba quarterly revenue surges 54pc to $7.7b

AFP, BEIJING: Chinese e-commerce giant Alibaba said yesterday its revenues leapt 54 per cent year-on-year for the quarter ended in December, spurred by rapid growth in Chinese online shopping. Revenue for the company, seen as a benchmark for Chinas increasingly crucial consumer sector, reached53.25 billion yuan ($7.7 billion) in the quarter, it said in astatement. Its net income attributable to ordinary shareholders was 17.9 billion yuan ($2.57 billion) in the quarter, up 43 per cent over the same period the previous year. The result demonstrates the strength of the Chinese consumer and Alibabas ability to create value across our vast ecosystem, said Daniel Zhang, chief executive officer of Alibaba Group. Alibaba is Chinas dominant player in online commerce, with its Taobao platform estimated to hold more than 90 per cent of the consumer-to-consumer market. Its Tmall platform is believed to handle over half of business-to-consumer transactions. But Chinas largest online shopping portal has been on the defensive since theoffice of the US Trade Representative put Taobao on its annual blacklist in December, saying it was not doing enough to curb sales of fake and pirated goods. Although inclusion on the blacklist carries no penalties in itself, it dealt a blow to Alibabas efforts to improve its image and boost international sales.