te Alibaba's quarterly revenue beats estimates | Zee Business

Alibaba's quarterly revenue beats estimates

Alibaba`s total revenue rose about 60 percent to 38.58 billion yuan ($5.60 billion) in the quarter ended March 31, versus an average forecast of 36 billion yuan according to Thomson Reuters.

Alibaba's quarterly revenue beats estimates
An employee is seen behind a glass wall with the logo of Alibaba at the company''s headquarters on the outskirts of Hangzhou, Zhejiang province. Photo: Reuters

Alibaba Group Holding Ltd reported fourth-quarter revenue above analysts` expectations on Thursday, helped by strength in the Chinese e-commerce market.

China`s top e-commerce firm also announced a two-year share repurchase program of up to $6 billion.

Alibaba`s total revenue rose about 60 percent to 38.58 billion yuan ($5.60 billion) in the quarter ended March 31, versus an average forecast of 36 billion yuan according to Thomson Reuters.

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Net income attributable to shareholders rose to 10.65 billion yuan, or 60 cents per share, from 5.37 billion yuan in the year-earlier quarter.

Revenue from the firm`s core e-commerce business unit increased 47 percent to 31.57 billion yuan, above the previous quarter`s 45 percent rise.

Written By: Reuters
Updated: Thu, May 18, 2017
05:02 pm
Delhi, Reuters
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