Chinese shoppers conjure up strong sales at Alibaba

China slowdown weighs on revenue growth at internet giant Alibaba

Alibaba, the second most valuable public company in Asia after Tencent, posted on Thursday third-quarter revenue of 117.28 billion yuan (13.33 billion pounds), compared with 83 billion yuan a year earlier.

Anticipating the headwind, Alibaba previously lowered its revenue outlook for its financial year ending March even before the top sales season.

During the quarter, the company held in November its tenth Singles' Day, a shopping holiday that brought in $30 billion in gross merchandise value within 24 hours.

The company said sales from core commerce increased 40% year-over-year to 102.8 billion Chinese yuan ($14.96 billion) and its cloud-computing revenue surged 84% YoY to 6.6 billion Chinese yuan ($962 million).

Alibaba's business diversity and ongoing innovations are helping protect it at a time of economic uncertainty in China - signs of slowing growth and governmental lever-pulling to address that.

Chinese consumers are still fundamentally very strong and consumption is going to grow over the next 5-10 years, he added.

On a call with investors and analysts, Alibaba CEO Daniel Zhang acknowledged the external pressures of the economic climate.

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Alibaba, which is listed in NY, is China's second largest company after Tencent and the world's second largest ecommerce company after Amazon.

China's economy posted a 6.6% expansion in 2018, the slowest in 28 years, as factory activity and domestic demand tapered.

Alibaba's e-commerce business drives the company, but the company has built a cloud business that rhymes with what Amazon has done with Amazon Web Services.

Alibaba has grown at a breakneck pace since it was founded 20 years ago, establishing itself as the largest e-commerce company not just in China, but in the world.

Analysts are expecting consumer spending for this year to slow and tougher business conditions are expected for Chinese ecommerce firms due to a weakening economy.

Digital media and entertainment revenue increased by 20% to United States dollars 944 Million and revenue from Innovation initiatives and others rose by 73% to USD 193 Million.

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