Alibaba revenues grow 40% in Q1 2020

Alibaba Hong Kong Stock Exchange

Alibaba has released its financial results for Q1 FY19/20 ending September 30, 2019. The company’s revenues grew by 40% year-on-year to CNY*119,017m. Income from operations was CNY20,364m, a year-on-year increase of 51%. Adjusted EBITDA increased 39% year-on-year to CNY37,101m.

China core commerce retail business segments totalled CNY75,786m, 40% year-on-year increase. This increase was primarily driven by contributions from direct sales businesses, including Tmall Supermarket and Freshippo, as well as the consolidation with Kaola starting in September 2019.

Revenue in the China commerce wholesale business totalled CNY3,283m, a 31% year-on-year increase. The increase was largely attributed to revenue from customer management services on 1688.com, its domestic wholesale marketplace, as well as an increase in revenue from Lingshoutong, a digital sourcing platform.

Revenue from the International commerce retail business was CNY6,007m up 35% in comparison to the same period last year. The increase was primarily due to the growth in revenue generated from AliExpress and Lazada.

Revenues from Cainiao logistics services, representing revenue from the domestic and international one-stop-shop logistics services and supply chain management solutions provided by Cainiao Network, totalled CNY4,759m, a year-on-year increase of 48%. The increase was primarily driven by an increase in the volume of orders delivered.

“Our digital economy continues to thrive and prosper. We aim to serve over one billion annual active consumers and help our merchants achieve over RMB10 trillion in annual gross merchandise volume by end of fiscal 2024. We will continue to invest in the user experience and innovative technology to create new value for consumers, as well as the millions of enterprises undergoing digital transformation in the new digital economy.” said Daniel Zhang, Executive Chairman and CEO of Alibaba Group.

Source: Alibaba

*$=CNY7.11 / €=CNY7.84

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