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Alibaba with 22% first-quarter earnings growth

Chinese e-commerce giant Alibaba on Friday announced its first-quarter financial results, which saw that despite the COVID-19 outbreak, the company's revenue grew 22% year-on-year and stood at 114.31 billion yuan ($16 billion). Profits for the entire previous financial year ending March 31 were up 35 per cent to reach 509.7 trillion yuan, Radio China reported.
At the same time, however, net profit owed to ordinary shareholders for the fourth quarter of 2019 declined 88% year-on-year to 3.16 billion yuan. According to the company, this is mainly due to the net decline in investment revenues.

For last financial year, net profit owed to ordinary shareholders was 149.26 trillion yuan, or 70.4% year-on-year growth.

President and CEO Daniel Zhang commented that Alibaba's overall business is in a period of strong growth, with the base of its active users per year being 960 million worldwide. “The pandemic has fundamentally changed consumer behaviour and enterprise operations, making digitization a necessity,” he said.

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