Global

Online sales drive Alibaba revenue

Online sales drive Alibaba revenue

Shares of Chinese e-commerce firms, including Alibaba.com and JD.com Inc JD.O , have outperformed the market in 2017, buoyed by positive revenue growth around June sales events and overseas expansion.

Ping An Insurance has proposed an interim dividend of 0.5 yuan per share for the six months ended June 30, 150 per cent higher that the same period previous year. On an adjusted basis, when taking out one-time gains and costs, earnings were $1.17 per share per share, which beats Thomson Reuters consensus estimates of 93 cents per share.

Alibaba, though, has yet to prove the value of several recent large-scale offline investments, according to analysts, including a $2.6 billion infusion into department store chain Intime Retail Group Co Ltd.

Alibaba also enjoyed a robust growth in its cloud computing business during the quarter, with an explosive 96% revenue growth from a year ago to 2.43 billion yuan.

In May, Alibaba acquired Intime Retail Group for $1.6 billion.

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China's latest crackdown on those attempting to skirt state censorship controls has seen it warn e-commerce platforms over the sale of illegal virtual private networks (VPNs). "Our technology is driving significant growth across our business and strengthening our position beyond core commerce", said Daniel Zhang, Chief Executive Officer of Alibaba Group. Not only is Alibaba enjoying an increase in the number of paying customers, the customers are also spending higher than usual as evidenced by rising usage of services.

Sales on the company's e-commerce platforms made up 86 percent of revenue in the three months to June 30, up from 73 percent a year prior.

Equity attributable to shareholders of the parent company amounted to 425.9 million yuan, up 11 per cent from the beginning of the year.

Alibaba is also benefiting from booming demand in its cloud business. What's more, revenue from its cloud business almost doubled, and entertainment revenue shot up 30 percent.


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