Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business

News

Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business

10.11.2020 News

Shares of Alibaba, up 35.7% since the beginning of the year but down almost 8% this week, rose 5.3% during trading on Friday after China’s largest public company announced second-quarter results financial year 2021, which ended in September.

Alibaba’s quarterly report was preceded by news of the termination of the IPO of financial technology company Ant Group, which was to become the largest IPO in history, with Alibaba owning approximately 33% of the shares of Ant Group. Alibaba received nearly 4.7 billion yuan in profits from Ant last quarter, a significant portion of its total revenue.

The company reported earnings per share of $ 4.83, which is higher than analysts’ forecast of $ 2.08, but total quarterly earnings fell compared to last year’s value.

Total revenue for the quarter increased by 30% (compared to last year) to $ 22.83 billion, but was lower than the forecast of $ 23.19 billion.

Revenues from the main e-commerce business jumped 34% to $ 18.9 billion, but were slightly lower than analysts forecast. Alibaba Cloud’s cloud computing revenue increased 59% to $ 2.4 billion and exceeded expectations.

According to Synergy Research Group, Alibaba Cloud is the fourth largest provider of public cloud computing in the world, after Amazon Web Services, Microsoft Azure and Google Cloud. However, Alibaba’s cloud business is growing faster than Amazon Web Service’s 29% revenue growth or Microsoft Azure’s 48% growth in the same quarter ended in September.

“The strong performance of our core e-commerce and the steady growth of Alibaba Cloud are direct results of our commitment to creating value for customers,” said Alibaba CEO Daniel Zhang. “We continue to focus on our three long-term engines of growth – domestic consumption, cloud computing, data analysis, and globalization to make effective use of the opportunities associated with ongoing changes in consumer demand and the acceleration of business digitalization in our digital economy.”

Alibaba owns the digital media business (Digital Media and Entertainment), which surpassed analysts’ expectations in the second quarter, as well as income of Innovative Initiatives.

The digital media division includes the Alibaba Youku video streaming platform, as well as the Xiami music streaming service. Alibaba also has a licensing agreement with Walt Disney’s Buena Vista International that gives it access to a large amount of Disney content.

The company’s management also noted the growth of the Ele.me food delivery business, which Alibaba has merged with its Koubei lifestyle app to better compete with Titunt’s Meituan food delivery service.

On Thursday, Alibaba said it had partnered with Richemont to jointly invest $ 1.1 billion in Farfetch Ltd.’s chain of luxury goods stores to meet growing demand for high-end foreign goods among China’s middle class.

Alibaba’s management also expects high growth from its core e-commerce business in the current quarter. The largest annual sale on November 11 should benefit sales growth in the coming quarter. Sales of the 24-hour event last year amounted to $ 38.4 billion, which is 26% more than the same event last year.

Other articles

  • JD.com will be the first platform to accept China’s cryptocurrency
    News

    JD.com will be the first platform to accept China’s cryptocurrency

    Chinese e-commerce company JD.com Inc announced on Saturday that it will be the first platform in the country to accept China’s digital currency. The Central Bank of China will hold its second digital yuan lottery among citizens of Suzhou, near Shanghai on Friday. The total amount of playable digital yuan is 20 million ($ 3.06 […]

  • Airbnb will try to get an estimate of $ 35 billion for an IPO
    News

    Airbnb will try to get an estimate of $ 35 billion for an IPO

    According to Bloomberg, citing documents submitted to the Securities and Exchange Commission (SEC), the short-term rental service Airbnb plans to raise $ 2.6 billion in listing in the US and receive an estimate of $ 35 billion. If the company manages to raise $ 2.6 billion, Airbnb’s placement will be the fourth largest IPO in […]

  • Airbnb intends to raise $ 1 billion from the initial public offering
    News

    Airbnb intends to raise $ 1 billion from the initial public offering

    The American company Airbnb, which is the operator of the rental service of the same name, expects to raise $ 1 billion through an initial public offering (IPO). This is stated in a statement posted on Monday on the website of the Federal Securities and Exchange Commission. The company clarifies that its plans are “preliminary […]

  • Saudi Aramco is preparing to place up to five tranches of dollar Eurobonds
    News

    Saudi Aramco is preparing to place up to five tranches of dollar Eurobonds

    The state corporation Saudi Aramco is preparing to place dollar Eurobonds, a source in banking circles said. According to him, the company is considering the possibility of placing up to five tranches of Eurobonds: with a maturity of three years, five years, ten years, as well as thirty and / or fifty years. Starting on […]

  • Alibaba’s net profit in the first half of 2020-2021 financial year fell by 19%
    News

    Alibaba’s net profit in the first half of 2020-2021 financial year fell by 19%

    The net profit of the largest Chinese Internet company Alibaba Group Holding for the six months of 2020-2021 fiscal year (ended September 30) fell by 19% year on year and amounted to 10.746 billion dollars, according to a press release. Adjusted earnings per share were 3.48 yuan ($ 0.51) compared to 4.45 yuan ($ 0.66) […]

  • Alibaba will acquire part of the shares during the IPO of the Ant Group
    News

    Alibaba will acquire part of the shares during the IPO of the Ant Group

    Chinese Internet company Alibaba will buy more than a fifth of the shares of its division, specifically of a fin-tech company Ant Group, as part of its future IPO on the stock exchanges of Hong Kong and Shanghai, Alibaba said in a release. “Alibaba has agreed to subscribe for 730 million shares of the initial […]

  • DiDi taxi service is planning the IPO on the Hong Kong Stock Exchange in 2021
    News

    DiDi taxi service is planning the IPO on the Hong Kong Stock Exchange in 2021

    The taxi service of the international Chinese company DiDi Chuxing intends to conduct the initial public offering (IPO) on the Hong Kong Stock Exchange. As reported by Reuters on Tuesday, citing sources, this may happen in the first half of 2021. By the time of the IPO, the estimated value of DiDi will be more […]

Read also

Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Does Ukraine refuse to continue oil business in Egypt?

Company Naftohaz  Ukraine has analyzed the alternatives to  sale the foreign assets, but there is no a buyer for it. According to the director of the company  Andrii Kobolev, the true reason for this is a low profitability of Ukrainian Naftohaz assets in Egypt. It is reported by UNIAN. Kobolev said that it is not […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

TikTok sales to US companies have been postponed indefinitely

The sale of part of the social network TikTok of the Chinese company ByteDance to the American companies Oracle and Walmart has been suspended for now. Note that possible security threats from the Chinese technology giant have stopped the process of selling the platform. However, ByteDance continues to negotiate with the US intelligence services about […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Musk called the new date of flight Starship spacecraft into orbit

The American company SpaceX will launch the first Starship spacecraft into Earth orbit, most likely in 2021. It said its founder Elon Musk, speaking at a video conference on the problem of human flight to Mars, according to TASS on Tuesday, September 1. Mask was asked when the first test flight of Starship into orbit […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

The IMF named the condition for the completion of the corona crisis

The world economy is on the road to recovery amid the pandemic COVID-19, however, the final completion of the corona crisis is possible only in the case of mass use of the vaccine. This was stated by IMF chief Kristalina Georgieva and Chief Economist of Fund Gita Gopinath in their joint paper of the magazine […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Ford reported smaller-than-expected quarterly losses, but restructuring is still ongoing

Shares of Ford Motor Co dropped to 1.93% on Friday after the closing of trading on Thursday, automaker reported results of achievement in three months from April to June. Since the beginning of the year, Ford shares have fallen by 28.9%. Ford Motor reported second-quarter losses of – $ 0.35 per share, which is better […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
Analytics

Walnut Garden – a Long-term Investment

Gardening is a purely European business by mentality as it means long-term investments and a completely transparent process. Walnut is a financial pearl of this industry. A walnut garden of only 1 hectare yields more than 1.2 million UAH per year. A walnut garden is an investment in the future and long-term well-being, as one […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Visa and BioConnect to create a new application soon

Visa in conjunction with BioConnect will promise to provide a new service which will give an opportunity to their clients to undergo the procedure of biometric authentication, using the application on their phone in the nearest future. According to developers of the program, such innovation is a fine alternative to passwords use. In addition, the […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Panasonic invests $ 260 million in a joint project with Tesla

Panasonic Corporation shareholders intend to invest $ 260 million in the  continuation of construction for production of solar plant in the State of New York (Buffalo). This is reported by foreign journalists edition of The Wall Street Journal referring to representatives of the Japanese company. According to official information, the company will be put into […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

HarvEast invests 3 million UAH in the implementation of social projects

HarvEast Agro, together with the heads of the state district administrations and district councils in the territories of the company will determine the presence of social finance projects for 2016. The parties have agreed this on this year’s first collective meeting, which took place in Mangushevskyi, Volodarskyi and Volnovakhskyi districts, Donetsk region. In the near […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

In the new year some of the individual entrepreneurs will be in the shadow: Why work openly became not profitable?

Since the end of 2016 year it has been observed in Ukraine a negative surge of activity among sole proprietorships. It is talking about a mass liquidation of FOP associated with the innovations of the taxation system in Ukraine. Thus, according to the legislation since January 1st of this year, every natural persons-entrepreneurs are undertaken […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Amazon is releasing updated Echo Frames smart glasses with Alexa

On Thursday, Amazon announced the release of its updated smart glasses Echo Frames starting on December 10. Now everyone will be able to buy it. The new product from Amazon for $ 250 will go on sale just before the holiday weeks, which is a good time to start the release. Analysts and market experts […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Lvovselmash become bankrupt

Recently, one of the plants of Lviv, which operates in the agricultural sector, has become bankrupt. This refers to the  agricultural machinery plant “Lvovselmash” that the Commercial Court of Zaporizhia region declared a bankrupt and opened the liquidation procedure. Last month, in February, the Commercial Court of Zaporizhia region ordered the reopening of the bankruptcy […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

NASA has signed the contract with Nokia to launch 4G on the moon

NASA has provided to Nokia with $ 14.1 million to deploy 4G (LTE) network on the moon. The US space agency noted that telecommunications networks of this standard will be able to provide more reliable than radio signals, communication on the Earth’s satellite, where it is planned to build the lunar base by 2028. NASA […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
Analytics

China Is the biggest Investor

The history of China’s statehood formation and development achieves several millennia, its nation has made a significant contribution into both material and spiritual culture of humanity throughout the world. Having in possession huge territories, essential labor and material resources and potentially large internal commerce, The Heavenly Empire has nearly all suppositions for creating integral, well-rounded […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

Ukroboronprom has signed $ 1 billion deals in the UAE

As part of the visit of Ukrainian President Volodymyr Zelensky to the UAE, Ukroboronprom signed agreements and contracts with Tawazun Economic Council and EDGE Group to expand military-technical cooperation totaling more than $ 1 billion. The president’s office reports. It is noted that the agreement with EDGE on military and technical cooperation will allow the […]

Next
Alibaba’s financial report exceeded expectations, with a record 60% growth in the cloud computing business
News

The Austrian investors to construct the new plant in Ukraine

The leadership of the Ukrainian industrial complex of LLC “Zakhid Agroprodukt” has reported to the mass media about receipt of the perspective offer from the Austrian investors. Foreign entrepreneurs whose names haven’t disclosed yet took the initiative to invest about 2 million euros in the development of the entity in the territory of the Ternopil […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com