Another 11.11 record boosts Alibaba’s quarterly results

Alibaba Group has reported top-line revenue growth of 38 per cent in the December quarter.

“Our digital economy reached new heights with another record 11.11 Global Shopping Festival for our merchants and partners,” said chairman and CEO Daniel Zhang.

“Continued investment in user engagement, especially through social-commerce content, contributed to our strong gains in annual active consumers. As a result of its rapid growth, our cloud-computing services for the first time generated revenue of over RMB10 billion (US$1.4 billion) in a single quarter,” he said.

Total Alibaba Group revenue reached US$23.192 billion for the quarter and non-GAAP net income was $6.678 billion, an increase of 56 per cent year-over-year. Adjusted EBITDA growth was 37 per cent.

During the quarter, Alibaba boosted the number of annual active consumers by 18 million to 711 million over the 12 months to September 30. Mobile monthly active users rose by 39 million to 824 million.

The company said it was responding to the coronavirus by mobilizing the “powerful forces of commerce and technology” across its ecosystem in order to “fully support the fight against the outbreak, and ensure supply of daily necessities for our communities”.

The company has also introduced practical relief measures for its merchants.

“No matter past, present or future, we remain true to our mission and we will support our merchants to overcome this challenging time together,” said Zhang.

“Looking forward, we will remain dedicated to investing in digital infrastructure and services, supporting our customers and partners across the Alibaba Digital Economy, especially during the challenging time,” added Maggie Wu, Alibaba Group’s CFO.