Alibaba's quarterly turnover up a third | RetailDetail

Alibaba's quarterly turnover up a third

Alibaba's quarterly turnover up a third

Chinese internet giant Alibaba has managed to grow its quarterly turnover nearly a third compared to last year thanks to mobile sales which nearly tripled in turnover.

Nearly 3.2 billion euro in turnover

Over the past quarter, the second of its broken fiscal year, Alibaba sold 22.2 billion yuan worth of items, almost 3.16 billion euro. That is up 32 % compared to a year ago and nearly 1 billion yuan above analysts' expectations.

 

The company compensated the weaker Chinese economic growth with new cloud services for retailers and deals with shopping companies like electronics chain Suning Commerce Group. Additional promotional campaigns on Tmall.com and Taobao's online marketplace also helped spike sales in the run-up to Single's Day (11 November), China's largest shopping event of the year.

 

More than ever, Alibaba is gunning for the mobile customer: mobile sales nearly tripled (+183 %) to 10.5 billion yuan (1.6 billion euro). 62 % of its Chinese turnover is already from mobile sales.

 

Net profit reached 22.7 billion yuan (3.23 billion euro), even though the majority is mostly an accounting issue: the internet group created huge added value (some 18.6 billion yuan) on its stake in Alibaba Health Information Technology Ltd.

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