January 24 19:22
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- Alibaba Revenue Surges 54% in Quarter Ended Dec. 31
Chinese e-commerce giant Alibaba Group Holding Ltd. reported Tuesday that revenue grew 54% to $7.7 billion for the quarter ending Dec. 31, 2016, reflecting China’s expanding population of online shoppers.
Net income attributable to ordinary shareholders in the quarter was $2.57 billion, an increase of 43% from the same period 2015, Alibaba said.
The surge in quarterly revenue was partly boosted by Singles Day, a big online sales event on Nov.11. Alibaba set a record on Singles Day in 2016 of 120.7 billion yuan of goods on its platforms, 32% more than in 2015.
Revenue from Alibaba’s core commerce business increased 45% year-on-year to $6.7 billion, while revenue from cloud computing rose 115% to $254 million and from digital media rose 273% to $585 million.
Alibaba reported 443 million annual active buyers on its e-commerce platforms last year, up 9% from the year before. And each active buyer spent an average of $35.
Given the robust growth, Alibaba adjusted upward its 2017 annual growth target from 48% to 53% for year-over-year growth, said Maggie Wu, Chief Financial Officer of Alibaba Group, in a press release. Alibaba has $4.9 billion in free cash flow on a non-GAAP basis, enabling it “to continue investing in growth areas globally,” Wu said.