The
e-commerce giant usually reports its highest revenue in the
December quarter due to its mega "Singles' Day" shopping bonanza
in November. The company said sales during the 24-hour shopping
event hit a record $38.4 billion in 2019.
Alibaba primarily generates revenue by selling advertising and
promotional services to third-party merchants that list products
on its e-commerce sites, Taobao and Tmall.
The company said it was supporting the fight against the
coronavirus outbreak in China by ensuring supply of daily
necessities and introducing relief measures for its merchants.
Alibaba affiliate Ant Financial's MYBank unit has said it would
offer 20 billion yuan ($2.86 billion) in loans to companies in
China in the wake of the outbreak.
The outbreak, which originated in the city of Wuhan, has
resulted in companies laying off workers, seeking cheaper
funding and struggling to restart production after an extended
new year holiday as supply chains remained disrupted.
The epidemic is expected to pile more pressure on China's
economy and comes as the country signed a Phase 1 deal with the
United States to ease a protracted trade war that had weighed on
its growth.
Sales in the company's core commerce business jumped 38% to
141.48 billion yuan ($20.26 billion) in the third quarter ended
Dec. 31, while revenue at its cloud computing unit surged 62% to
10.72 billion yuan.
Net income attributable to ordinary shareholders rose to 52.31
billion yuan from 33.05 billion yuan.
Excluding items, the company earned 18.19 yuan per American
Depository Share. Analysts had expected 15.75 yuan per ADS,
according to IBES data from Refinitiv.
Revenue rose about 38% to 161.46 billion yuan, beating estimates
of 159.28 billion yuan.
U.S.-listed shares of the company were up nearly 1% at $226.30
in premarket trade.
(Reporting by Akanksha Rana in Bengaluru and Josh Horwitz in
Shanghai; Editing by Sriraj Kalluvila)
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