Alibaba's quarterly revenue beats estimates bolstered by e-commerce, cloud business
Supported by its core e-commerce and cloud computing business, China's Alibaba Group beat quarterly revenue estimates, according to the company's financial report released on Thursday.
Revenue surged 30 percent year on year to 155.1 billion yuan ($22.8 billion) in the quarter ended September 30, compared to estimates of 154.7 billion yuan. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 28 percent to 47.5 billion, according to its financial report.
The results came after China's top financial regulators' warning about Alibaba affiliate Ant Group's financial risks before its scheduled IPO.
Its core e-commerce business revenue rose 29 percent to 130.9 billion yuan in the last quarter.
"Our domestic core commerce business continued to grow steadily during the post-COVID-19 environment in China through higher purchase frequency and consumer spending, while cloud computing revenue grew 60 percent year on year, driven by the acceleration in digitization across all industries and businesses of all sizes in China," said Alibaba Group's Chief Financial Officer Maggie Wu.
The e-commerce giant is also proceeding with its annual Double Eleven (November 11) shopping festival. This year, the festival kicked off on November 1, 10 days ahead of its usual schedule, in a bid to attract more buyers after the novel coronavirus pandemic dampened consumption.
Meanwhile, Cainiao Network, Alibaba's logistics data platform operator, saw a 73-percent-growth of its quarterly revenue, driven by the growth of cross-border and international commerce retail businesses.
According to the report, almost four million daily cross-border packages were delivered in September.