- The China’s e-commerce giant had a revenue of $ 33.8 billion, an increase of 37% year-over-year;
- Cloud computing revenue grew 50% year-over-year in the quarter, to $ 2.5 billion, and was profitable for the first time.
Alibaba Group announced on Tuesday 2nd financial results for the quarter ended December 2020. The China’s e-commerce giant was benefited from a switch to online shopping triggered by the COVID-19 pandemic and had a revenue of $ 33.8 billion, an increase of 37% year-over-year.
Highlight for the performance achieved by Alibaba Cloud Business. Cloud computing revenue grew 50% year-over-year in the quarter, to $ 2.5 billion, and was profitable for the first time.
During the 11.11 Global Shopping Festival, Alibaba Cloud provided a highly scalable public cloud infrastructure, which at its peak processed 583,000 orders per second. The sales achieved $ 74 billion.
Alibaba said that since the company migrated its e-commerce businesses onto the public cloud a year ago, these businesses are now able to seamlessly create, upgrade and deploy on a cloud native approach; and this capability was especially important during the festival, helping its to improve operating efficiency and ensure business continuity.
According to Daniel Zhang, Chairman and Chief Executive Officer of the company, the cloud computing business continues to expand market leadership and show strong growth, reflecting the massive potential of China’s nascent cloud computing market as well as its years of investment in technology.
International commerce retail and wholesale business
Revenue from Alibaba Group’s international commerce retail business was $ 1,5 billion, an increase of 37% compared to the same quarter of 2019. The increase was primarily due to the growth in revenue generated by Lazada and Trendyol.
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Revenue from international commerce wholesale business was
$577 million, an increase of 53% compared to the same quarter of 2019. The increase was primarily due to increases in both the number of paying members and average revenue from paying members on Alibaba.com, as well as an increase in revenue generated by cross-border related value-added services.
Business highlights:
- Revenue was $ 33.9 billion, an increase of 37% year-over-year;
- Adjusted EBITDA increased 22% year-over-year to $ 10.5 billion;
- Net income attributable to ordinary shareholders increased 52% year-over-year to $ 12.2 billion, mainly due to an increase in the net gain arising from increases in the market prices of its equity investments in publicly-traded companies in the quarter ended December 31, 2020;
- Core commerce revenue of $ 30.0 billion, up 38% year-over-year.
