Chinese Internet company Alibaba Group Holding in the second fiscal quarter recorded a rise in net profit by 13.4% in annual terms to 20 billion 33 million yuan. Adjusted earnings of 9.6 yuan per share exceeded analysts' forecast of 7.43 yuan per share. The revenue amounted to 85 billion 148 million yuan, an increase of 54.5% over the year. Analysts had expected even more significant growth – up to 86.5 billion yuan. During the earnings period, the company increased the number of users in China using mobile devices to access services by 22%. The retail business increased revenue by 56%, the cloud division – by 90%, and the entertainment and digital media business – by 24%.
Hang Seng and Nikkei underperform after Apple’s revenue warning18.02.2020
Alibaba extends help to firms hit by coronavirus spread, offers $2.86 billion in loans04.02.2020
Tesla surges 20%, gets boost from Panasonic’s quarterly profit increase20.12.2019
Nike quarterly revenue surges, North America sales hit lower-than-expected