Alibaba’s revenues exceeded estimates, but the company reported losses due to a fine of $ 2.75 billion

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Alibaba’s revenues exceeded estimates, but the company reported losses due to a fine of $ 2.75 billion

25.05.2021 News

Shares of Chinese e-commerce giant Alibaba, down 24.3% over the past six months, fell 3.2% at the start of trading on Thursday after the company released its report for the fourth quarter of fiscal 2021 ended in March.

The good news for Alibaba investors was a 64% increase in quarterly revenue compared to the same quarter a year ago to 187.39 billion yuan or $ 28.6 billion, up from analysts’ estimates of 180.41 billion yuan.

The number of active consumers on Alibaba’s trading platforms in China (customers who made at least 1 order in the last year) increased by 32 million to 811 million in the 12 months ended March 31.

For the entire 2021 fin. Alibaba’s total revenue for the year rose 41% to $ 109.48 billion and net income 30% to $ 26.25 billion.

In a press release, Alibaba said it had achieved such growth thanks to the strength of China’s consumer economy and the acceleration of digitalization in all spheres of life.

Alibaba’s forecast for the current 2022 fiscal year is revenue growth of 30% to 930 billion yuan.

A negative signal for the fourth quarter of 2021 in Alibaba’s report was a slowdown in revenue growth of its cloud computing business to 37% compared to the same period last year of $ 2.6 billion. This was due to the loss of the largest customer, whose name Alibaba did not name.

For the entire 2021 fin. year, the income of the Chinese market leader from cloud computing grew by 50%.

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