default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Alibaba's Fourth-Quarter Results Beat Market Expectations

The e-commerce platform experienced an uptick in online sales by nearly 19 percent and expects to generate over $91.1 billion in revenue in fiscal 2021.
Alibaba Group location in Hangzhou, Zhejiang | Source: Shutterstock
By
  • Reuters

SHANGHAI, China — China's Alibaba Group Holding Ltd. on Friday reported fourth-quarter revenue and profit that topped market expectations, as the Covid-19 lockdowns drove more people to shop online for essentials.

As people stayed indoors and brick-and-mortar stores remained shut during the health crisis, online orders surged, with the company's core commerce business rising nearly 19 percent to 93.87 billion yuan (£10.81 billion) in the quarter.

Revenue at its cloud computing business surged about 58 percent.

With China's economy starting up again much ahead of major economies in Europe and the United States, the e-commerce giant said it expects to generate over 650 billion yuan in revenue in fiscal 2021.

The company has been pushing into new businesses and technologies as online shopping space heats up with competition from smaller rival JD.com Inc. and Pinduoduo Inc., which is popular with residents in China's lower-tier cities.

Last week, JD.com forecast second-quarter revenue above analysts' estimates after an upbeat quarter, riding on a surge in online orders for groceries and daily goods.

Alibaba's overall revenue rose to 114.31 billion yuan in the quarter ended March 31 from about 93.50 billion yuan a year earlier.

Analysts had expected revenue of 107.04 billion yuan, according to IBES data from Refinitiv.

Excluding items, the company earned 9.20 yuan per American Depository Share. Analysts were expecting 6.10 yuan per ADS, according to Refinitiv data.

US-listed shares of the company were marginally up in trading before the bell.

By Akanksha Rana and Josh Horwitz; editor: Arun Koyyur

In This Article
Topics
Organisations

© 2021 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The State of Fashion: Technology
© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions and Privacy policy.
The State of Fashion: Technology