THE WHAT? Alibaba has reported its results for the quarter ended September 30, 2020. The Chinese e-commerce behemoth saw revenue swell 30 percent to hit RMB155,059 million, with active customers up 15 million on last year’s count and EBITDA up 28 percent year-on-year.
THE DETAILS Drilling down, the company’s China Retail Marketplaces division upped its penetration and saw its mindshare and wallet share rise, reflected in higher purchase frequency and a growth in average annual spend across all city tiers, so it’s no wonder revenue was up 29 percent year-on-year.
Cloud Computing meanwhile, saw revenue grow 60 percent while Digital Media and Entertainment inched up 8 percent yoy and Innovation Initiatives rose a respectable 10 percent.
THE WHY? Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group “Alibaba had another strong quarter. We continued to help businesses recover and find new opportunities for growth through digitalization in the post-pandemic landscape. The solid performance of our core commerce and robust growth of Alibaba Cloud are the direct results of our commitment to value creation for customers.
“We remain focused on our three long-term growth engines – domestic consumption, cloud computing and data intelligence, and globalization – to effectively capture opportunities from the ongoing changes in consumer demand and acceleration of digitalization of businesses across our digital economy.”