Alibaba Earnings Overview
After the Hong Kong close/before the US market open, Alibaba reported March quarter and fiscal year results. The results beat analyst expectations, though they missed revenue slightly in CNY revenue, they beat revenue in US dollars. Revenue was the highest ever, except for Q3 which always has a big jump due to the Singles Day sales event.
Fiscal year revenue was also the highest level ever +2% year over year (YoY). The core-China e-commerce business had a small negative -3% YoY revenue growth though management’s focus on costs led to a strong uptake in the bottom line. Cloud revenue was also weak, while logistics arm Cainiao posted strong revenue growth +18% and international e-commerce revenue growth +29%.
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