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Alibaba’s profit increases to $2.1B after another quarter

Alibaba had another blockbuster quarter of business as its profits nearly doubled. The Chinese e-commerce giant reported net profit of 14 billion RMB ($2.1 billion) because of its recent quarter that finished June 30 — that’s up 96 year-on-year that is percent. Total revenue grew 56 percent to reach 50.2 billion CNY ($7.4 billion), easily surpassing estimates, because of the company reporting 466 million active purchasers within the previous 12-month period. Alibaba’s core commerce business brought in the majority of revenue — 43 billion ($6.4 billion) — but its 58 % annual growth had been topped by its smaller business units. That’s an indication of the near future, according to CEO Daniel Zhang.

“Alibaba had a start that is strong financial 2018, reflecting the strength and diversity of our businesses and the value we bring to customers on our platforms. Our technology is driving significant growth across our business and strengthening our position beyond core commerce,” Zhang stated. Of these devices, its aggressive cloud computing business, which TechCrunch profiled earlier in 2010, was one of the more impressive. It grew 96 percent to reach 2.4 billion RMB ($359 million) in revenue while losses narrowed to 103 million RMB, or $15 million. The company noted that its cloud computing customer base passed one million for any time that is first.Source - www.techmanos.com

Alibaba’s media that are digital activity business, which includes video service Youku Tudou, saw revenue jump 30 percent to four billion RMB ($602 million). The business has spent the year that is past its business outside of China, which this quarter once again shows accounts for the lion’s share of revenue, therefore the results are beginning to keep fruit. Alibaba said its worldwide e-commerce services reached “meaningful scale” with 2.6 billion RMB ($389 million) in revenue. It credited Lazada, its company in Southeast Asia which it recently spent a further $1 billion in this year, and AliExpress for increasing revenue by 136 percent from final year.

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