Alibaba Surpasses Expectations, Stock Soars 7%
hina’s Alibaba Group Holding exceeded Wall Street’s expectations for third-quarter revenue on Thursday, driven by strong year-end sales and a successful strategy to attract cost-conscious consumers.
Chinese retailers like Alibaba have been cutting prices and ramping up promotional offers to stimulate consumer spending and boost sales in their core domestic e-commerce business.
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Robust demand in international markets and increased customer spending during the holiday season helped the company strengthen its sales and deliver solid financial performance.
Earnings Breakdown
Last year’s Singles’ Day sales event, a nationwide shopping festival often seen as a consumer sentiment barometer, lasted longer than previous editions and drove a 26.6% increase in sales across major e-commerce platforms, according to data provider Syntun.
Alibaba reported revenue of 280.15 billion yuan ($38.58 billion) for the three months ending December 31, slightly surpassing the 279.34 billion yuan expected by 17 analysts surveyed.
Alibaba reported a net profit of 117.09 billion yuan ($16.08 billion, €15.39 billion) for the first nine months of its fiscal year (April–December), marking a 53.1% increase compared to the same period last year.
In its earnings report submitted to the Hong Kong Stock Exchange, where it is listed, the company also announced a 5.64% year-over-year revenue growth, reaching 759.89 billion yuan ($104.33 billion, €99.91 billion).
For its third fiscal quarter (October–December), Alibaba recorded an 8% increase in revenue and an impressive 239% surge in net profit. (EFECOM)
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