Alibaba Group Announces Financial Results Ended December 31st 2019 | Financial Buzz

Alibaba Group Announces Financial Results Ended December 31st 2019

Alibaba Group Holding Limited (NYSE: BABA) Reports Financial Results for Quarter Ended December 31st, 2019.  Revenue amounted to 23.192 Billion, a 38% increase year over year.  Annual active consumers in the Chinese retail marketplaces amounted to 711 million.  Mobile active users in Chinese retail marketplaces amounted to 824 million. 

“Alibaba Group experienced robust growth across our business this past quarter,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. “Our digital economy reached new heights with another record 11.11 Global Shopping Festival for our merchants and partners. Continued investment in user engagement, especially through social commerce content, contributed to our strong gains in annual active consumers. As a result of its rapid growth, our cloud computing services for the first time generated revenue of over RMB10 billion in a single quarter. In response to the coronavirus, we mobilized Alibaba ecosystem’s powerful forces of commerce and technology to fully support the fight against the outbreak, ensure supply of daily necessities for our communities and introduced practical relief measures for our merchants. No matter past, present or future, we remain true to our mission and we will support our merchants to overcome this challenging time together.” “We had a successful listing on the main board of the Hong Kong Stock Exchange in November and delivered strong results for the quarter, with top-line revenue growth of 38% year-over-year and adjusted EBITDA growth of 37% year-over-year,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “Looking forward, we will remain dedicated to investing in digital infrastructure and services, supporting our customers and partners across the Alibaba Digital Economy, especially during the challenging time.”