Breaking | Alibaba sees 2019 revenue growth above 60 per cent as it pushes beyond e-commerce, wins new markets
China’s biggest e-commerce services provider is diversifying its business to drive more growth, while expanding its activities across Southeast Asia
Alibaba Group Holding said it expects revenue growth for 2019 to hold above 60 per cent, as it expands beyond e-commerce and pushes deeper into growth markets such as Southeast Asia.
The New York-listed company on Friday reported adjusted earnings per share of 5.73 yuan in the three months ended in March, topping analysts’ estimates. Revenue climbed 61 per cent to 61.9 billion yuan (US$9.9 billion), faster than analyst projections.
Alibaba will continue to invest in acquiring new users and winning more share of consumer spending through expanding physical products, digital content and local services, company chief executive Daniel Zhang Yong said in a post-earnings conference call.
The Hangzhou-based firm set a record of US$768 billion in gross merchandise value (GMV), a measure of sales, in its financial year ended in March.
“I remain confident that we are on track to reach our goal of US$1 trillion GMV by fiscal 2020,” Zhang said.
Alibaba is the parent company of the South China Morning Post.