Alibaba reports revenues are up 60% year on year
Alibaba has reported excellent results for the first quarter of 2017 and the full year to the end of March. The company reported revenue of RMB38,579 million (US$5,605 million), that’s an increase of 60% year-on-year. The number of active buyers the Chinese retail marketplaces reached 454 million for the year. On the back of the results, the company has announced a US$6 billion stock repurchase plan. You can read the full results here.
Daniel Zhang, CEO of Alibaba Group said: “Alibaba Group had another outstanding quarter and fiscal year, demonstrating our ability to successfully engage and monetize the half a billion consumers across our platforms. Our core commerce segment continued its significant growth and strong cash flow at large scale, enabling our aggressive investment in cloud computing, digital media and entertainment to drive the digital transformation of the economy and high-quality consumption across China.”
CFO Maggie Wu added: “We reported another excellent quarter, with revenue growth accelerating to 60%, the highest growth rate we’ve achieved since our IPO. We also reported very strong fiscal year revenue growth of 56% with annual non-GAAP free cash flow of approximately US$10 billion1. Our robust results demonstrate the strength of our core businesses, as well as the positive momentum of our emerging businesses, including cloud computing, where we continue to see strong growth and market leadership.”