Alibaba posts 124 per cent gain in quarterly profit, sees China retail back to pre-pandemic levels
- Revenue hit US$21.8 billion in the June quarter, up 34 per cent from a year ago, on the back of its China online retail and cloud computing businesses
- Net income reached US$6.7 billion, mainly on gains made from equity investments
“Today we face uncertainties from not only the global pandemic, but also increasing tensions between the US and China,” said Daniel Zhang Yong, chairman and chief executive of Alibaba, in a conference call with analysts on Thursday, after announcing the company’s latest financial results.
“As the world’s largest e-commerce platform, Alibaba’s primary commercial focus in the US is to support American brands, retailers, small businesses and farmers to sell to consumers and trade partners in China, as well as the other key markets around the world.”
Zhang, who described the current situation as “very fluid”, said Alibaba was “assessing the situation and any potential impact carefully and thoroughly, and will take the necessary actions to comply with any new regulation”.
Alibaba CEO Daniel Zhang on how technology is reshaping consumer buying behaviour
Hangzhou-based Alibaba reported a 34 per cent increase in revenue to 153.7 billion yuan (US$21.8 billion) in the first quarter of its new financial year, up from 114.9 billion yuan in the same period a year ago, on the back of robust sales at its China online retail and cloud computing businesses. That was ahead of the 148 billion yuan consensus from analysts’ estimates compiled by Bloomberg.