Alibaba Beats Quarterly Revenue Estimates, Shares up 5% Premarket

Reuters2023-08-10

(Reuters) - China's Alibaba Group Holding, reported first-quarter revenue on Thursday that beat analysts' estimates as consumer sentiment improved from the same time a year earlier when there were strict pandemic-related lockdowns.

Alibaba posted revenue of 234.16 billion yuan ($32.29 billion) in the quarter, compared with analysts' estimates of 224.92 billion yuan, according to Refinitiv data.

The company's U.S.-listed shares rose nearly 5% in pre-market trading.

The latest revenue figure represents an improvement from flat to 3% growth in the past four quarters.

Revenue in the first quarter to end-June was helped by a recovery in consumer purchases on Alibaba's Taobao and Tmall marketplaces, boosted in part by the 618 shopping festival, China's second-largest online shopping event, in June.

Customer management revenue, which tracks how much merchants spend on Alibaba, rose 10% to 79.7 billion yuan, thanks to an increase in merchants' willingness to invest in advertising and higher sales during the festival.

This was the last earnings announcement under Alibaba CEO and Chairman Daniel Zhang, who will step down from the roles in September to focus on leading its cloud division.

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over as chairman.

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Sunshinekim
2023-08-10
Sunshinekim
Hope it goes up up!

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