• News
  • Finance

Alibaba is now a mobile majority business

Alibaba is now a mobile majority business

The Chinese e-commerce giant's revenue surged 59% to $4.84bn for the quarter ending 30 June 2016, from $3.04bn a year earlier.

Revenue for the company, seen as a proxy for China's increasingly crucial consumer sector, reached 32.15 billion yuan ($4.83 billion) in the June quarter, it said in a statement. Mobile revenue grew 119 percent to 17.51 billion yuan (US$2.64 billion) and accounted for 75 percent of the company's total domestic retail marketplaces intake. It also counts 577,000 paying customers, a boost of 156 percent compared with last year's 263,000.

Despite the fact that the company's revenue exploded, the net income for Alibaba plunged as much as 76 percent year on year to only RMB 7,142 million ($1.1 billion).

Please Wait while comments are loading.

Shares of Alibaba rose 5.65% to $92.26 per share in afternoon trading Thursday. (NYSE:BABA) reported blockbuster earnings for first-quarter fiscal 2017 (1QFY17) as it continues to strengthen its position in the rapidly evolving e-commerce space.

The US Securities and Exchange Commission (SEC) had sought information into Alibaba's accounting for its Cainiao logistics network and its reporting practices for Singles Day, a huge sales event in China.

In this quarter, the revenue for its cloud unit jumped more than 150 percent to 1.24 billion yuan.

The company, based in eastern China's Hangzhou city, operates the world's largest online retail platforms, holding the record for selling US$14.32 billion of merchandize on the so-called "Singles' Day" of November 11, 2015.




Revenue from Alibaba's global commerce retail business in the quarter was RMB1,117 million (US$168 million), an increase of 123% compared to RMB501 million in the same quarter of 2015.

"The business diversification in digital entertainment and cloud is icing on the cake".

While looking at the Stock's Performance, Alibaba Group Holding Limited now shows a Weekly Performance of 8.28%, where Monthly Performance is 13.9%, Quarterly performance is 15.93%, 6 Months performance is 51.51% and yearly performance percentage is 25.06%. The company said it had a profit of $0.74 Earnings per Share for the quarter.

A number of other brokerages also recently issued reports on BABA.

"Alibaba is the largest online commerce platform in the world, as defined by reported GMV", Colin Sebastian, an e-commerce analyst at Robert W. Baird & Co. said in a note to investors Thursday.

Earlier this year, Alibaba invested $1 billion to snatch a majority of Lazada, a Rocket internet-backed e-commerce site in Southeast Asia that supports the mobile wallet-commerce company Paytm in India. "We passed an important milestone this quarter in achieving higher monetization of mobile users than non-mobile users for the first time", said Maggie Wu, CFO of Alibaba Group. Experts say that Alibaba is more focused on trying to breakeven in emerging markets in Southeast Asia than the overly competitive U.S. market.

Furthermore, mobile overtook desktop for the first time in Alibaba's history in terms of GMV.

Leave Your Comment

Leave Your Comment


Latest News

  • Japan gives Philippines two new patrol ships

    Responding to China's militarization of the area, Vietnam has deployed new mobile rockets to several of its islands in the area. China has rejected the tribunal's decision, and said it would not enter into any negotiations that will bring up that ruling.
    Record-high corn and soybean production in 2016

    Record-high corn and soybean production in 2016

    The estimates topped trade forecasts, which also favored larger crops, and sent crop prices lower in Chicago's futures markets. As contrary weather hindered crops in Latin America, U.S. soybeans have secured seven weeks of record export sales since May.
    'Florence Foster Jenkins' delivers comedy and emotion in perfect harmony: 3.5 stars

    'Florence Foster Jenkins' delivers comedy and emotion in perfect harmony: 3.5 stars

    We see the tremendous lengths to which Bayfield and others in Florence's elite social circle go to protect-and enable-her. Gradually, you realise, not only is the guy a much bigger star than me, he's maybe the richest man I've ever met'.
  • Russian Federation  fines Google almost  $7MM for 'anticompetitive' app pre-install rules

    Russian Federation fines Google almost $7MM for 'anticompetitive' app pre-install rules

    But in Russia, Yandex - which controls 60 percent of the local market - dared challenge Google in a court of law, and even won. The £5.2m fine was determined as a share of Google Play store domestic sales in Russian Federation , according to reports.

    Simone Manuel becomes first African American woman to win Olympics swimming gold

    It can only be hoped that Manuel's massive achievements in the pool helps to inspire female swimmers across the globe. Penny's performance in the women's 100-metre freestyle swimming event earned her the top spot on the podium.
    Paul Ryan Easily Trounces Primary Challenger

    Paul Ryan Easily Trounces Primary Challenger

    Nehlen was praised on Twitter by Republican nominee Donald Trump earlier in August in a public gesture that shook up the race. Share with Us - We'd love to hear eyewitness accounts, the history behind an article, and smart, constructive criticism.
  • Hillary Clinton paid 34.2 percent federal tax rate in 2015

    The Islamic State group began as Iraq's local affiliate of al-Qaida, the group that attacked the USA on September 11, 2001. Federal law generally prohibits US citizens from being prosecuted in military tribunals.
    Chen Xinyi: Chinese swimmer fails drugs test, sent home from Olympics

    Chen Xinyi: Chinese swimmer fails drugs test, sent home from Olympics

    Chen is seeking an expedited testing of her "B" sample and an appeal hearing to the Court of Arbitration for Sport (CAS). John Anzrah, a sprint coach, impersonated 800m runner Ferguson Rotich and signed the documents for a doping test.

    Tesla reaches deal to acquire SolarCity

    Tesla said it needed to obtain "regulatory approval and meet other closing conditions" before the takeover could be completed. The two firms announced the deal on Tesla's website , saying: "Solar and storage are at their best when they're combined".
  • Sharp drop in NBC's ratings for Rio opening ceremony

    A sequence of beach volleyball and volleyball victories made it up for disappointing losses in judo and women's basketball. There have been several bomb scares in the city the last couple weeks. "The Rio Games have begun very well".

    Bryony Page claims trampoline silver, Rosie MacLennan takes gold

    TRACK ATTACK - Heptathlete Brianne Theisen-Eaton of Humboldt, Sask., begins her quest for gold as the track and field meet begins. Nestor was exasperated by the officiating in a hard-fought loss against Spain's Rafael Nadal and Marc Lopez on Thursday.

    Olympics women's gymnastics results: August 7

    Tuesday the United States is expected to repeat the gold it won easily in 2012 and give it to Karolyi as a retirement present. At the USA trials in July, she put in a series of shaky performances, including falling off the beam.
  • Phelps sets new record

    This time around, Le Clos was responsible for arguably the greatest Olympic meme of all-time: Phelps' angry game face. Corrections and clarifications: A previous version of the story indicated that Michael Phelps' last race is Friday.
    China urges Olympics committee to rectify flag mistake

    China urges Olympics committee to rectify flag mistake

    On Monday, Olympic divers Steele Johnson and David Boudia took the silver for day three's synchronized 10m platform diving event. He and Boudia shared a watery hug after their final dive, knowing they had clinched a spot on the podium.
    Friedrich, Padres fall to Pirates 4-0

    Friedrich, Padres fall to Pirates 4-0

    The Pirates held out 1B John Jaso, who bruised and blackened an eye during a collision at the plate Tuesday. Pirates: C Francisco Cervelli did not play after leaving Wednesday's game with left wrist discomfort.
  • Nigeria reports first 2 cases of polio in years, WHO says

    The militant Islamist Boko Haram insurgency in north-east Nigeria has made some areas of Borno hard to access in recent years. Nearly two decades ago, Nigeria had the highest record of the illness in the world, with 1 thousand cases of polio per year.
    Israeli judoka reaches Rio semifinals, will face current gold medalist

    Israeli judoka reaches Rio semifinals, will face current gold medalist

    The event is also not the first time during the 2016 Olympic Games in Brazil that an Arab nation has snubbed Israel. Egypt's Islam el-Shehaby lost to Israel's Or Sasson on Friday, then refused to shake his hand.
    LG confirms the 'big feature' for the forthcoming V20 smartphone

    LG confirms the 'big feature' for the forthcoming V20 smartphone

    Other specs of the V20 are said to include a 5.7in screen with 2560 x 1440 resolution, Snapdragon 820 processor and 4GB of RAM. The announcement comes hot on the heels of the news that the V20 will run Android 7.0 Nougat out of the box.

Breaking News



Recommended

PM Modi advocates severe punishment for fake cow protectors

Hindu hardliners have been pressurizing Modi's Bharatiya Janata Party to step up its efforts to protect cows in the country. Cows mostly die of eating plastic bags and these gau rakshaks should urge people not to throw plastics on the roads.

Mom oblivious to fact that son fatally beat baby to death

Steele's relatives were apparently upset with her decision to continue getting pregnant and raising young children by herself. Steele and her husband appeared on an episode of the reality TV show titled " I'm Pregnant and 55 Years Old " in 2009.

Orlando gunman's father attends Hillary Clinton rally

Many criticised the decision to allow Seddique Mateen , however Mrs Clinton's campaign team claim he was not invited to the event. Mateen expressed his wish that his son had "joined the Army and fought IS". "That would be much better".

Heavy rain, street flooding causes Louisiana school closings

In the Mobile area, forecasters expect an additional 2.2 inches of rain Friday, with higher amounts possible in some areas. An 18-wheeler was also swept off of Highway 10 in northern Louisiana and its driver needed to be rescued.

Pogba banned for United's 1st game of Premier League season

After making some significant statements in the transfer market, he is now looking to do so on the pitch - starting on Sunday. Mourinho said: "We feel that we are a candidate to win the title".

PM Modi at all party meet

Listing PoK as one of the four parts of Jammu and Kashmir, he said Pakistan was at the root of the current unrest. The resolution called for restoring confidence in people, in general and youth in particular in the valley.

Preliminary NBA schedule has New York Knicks opening at Cleveland Cavaliers

Instead, he's back in Cleveland - or wherever - working on helping the Cleveland Cavaliers repeat as world champions. Following a league-wide trend of playing fewer preseason games, the Cavs will engage in just six this year.

Germany to Launch New Anti-Terrorism Policies after Repeated Attacks

The burka ban is being proposed in a country that otherwise has few restrictions on the the way people dress. A ban could require a change to the German constitution, which protects freedom of religious expression.

NATO Says Turkey Is 'Valued Ally' After Erdogan Visit to Russian Federation

Ankara has repeatedly said the coup attempt was organized by followers of USA -based preacher Fetullah Gulen and FETO. Moscow's military support for Syria's President Bashar al-Assad has been credited for helping to keep him in power.

Booing and bellowing, a different kind of tennis fan in Rio

Wimbledon champion Murray, the second seed, clinched an eighth win in eight meetings against Serbia's Viktor Troicki, 6-3, 6-2. The top-ranked Djokovic was swept out of the singles tournament at the Olympics in the first round Sunday by the 2009 U.S.