Alibaba Declares Full Recovery From COVID-19 with Q1 Results

China’s e-commerce leader Alibaba Group continues to benefit from China’s digital transformation, which has been accelerated by the pandemic.” data-reactid=”19″>LONDON – China’s e-commerce leader Alibaba Group continues to benefit from China’s digital transformation, which has been accelerated by the pandemic.

newly launched outlet platform Luxury Soho, also grew by 34 percent to $18.9 billion, in the first quarter of  fiscal year 2021, ended June 30.” data-reactid=”20″>The company’s revenues increased 34 percent to $21.76 billion year-over-year, and its core commerce revenue, which includes the Tmall Luxury Pavillion, and the newly launched outlet platform Luxury Soho, also grew by 34 percent to $18.9 billion, in the first quarter of  fiscal year 2021, ended June 30.

Income from operations was $4.91 billion, up 42 percent, and adjusted earnings before interest, taxes, depreciation and amortization increased 30 percent to $7.22 billion in the same period.

Alibaba captured 16 million more annual active consumers, reaching 742 million, and recorded 874 million mobile monthly users, an increase of 28 million, in its China retail marketplaces during the quarter.” data-reactid=”29″>Alibaba captured 16 million more annual active consumers, reaching 742 million, and recorded 874 million mobile monthly users, an increase of 28 million, in its China retail marketplaces during the quarter.

Daniel Zhang, chairman and chief executive officer of Alibaba Group, said the company is well-positioned to capture growth from the ongoing digital transformation in both consumption and enterprise operations.

“We mobilized our entire digital infrastructure to support the economic recovery of businesses across a wide range of sectors, while broadening and diversifying our consumer base by addressing their changing preferences in a post-COVID-19 environment,” he said.

Maggie Wu, chief financial officer, added, “Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59 percent year-over-year. Our strong profit growth and cash flow enable us to continue to strengthen our core business and invest for long term growth.”

The group also highlighted Lazada’s strong growth in Southeast Asia, Alibaba’s biggest market outside China. It achieved over 100 percent quarterly order growth and saw solid merchant growth and greater increases in product supplies.

JD.com released its fiscal year 2020 Q2 results ended June 30. Its net revenues grew 33.8 percent to $28.5 billion year-over-year, and income from operations was $700 million, compared to $300 million for the same period last year.” data-reactid=”34″>Earlier this week Alibaba’s rival JD.com released its fiscal year 2020 Q2 results ended June 30. Its net revenues grew 33.8 percent to $28.5 billion year-over-year, and income from operations was $700 million, compared to $300 million for the same period last year.

JD.com’s annual active customer consumers increased by 29.9 percent to 417.4 million in the 12 months ended June 30, and mobile daily active users in June increased by 40 percent year-over-year.” data-reactid=”35″>JD.com’s annual active customer consumers increased by 29.9 percent to 417.4 million in the 12 months ended June 30, and mobile daily active users in June increased by 40 percent year-over-year.

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