China slowdown weighs on revenue growth at internet giant Alibaba
31 January, 2019, 17:08
Given signs of saturation in China's urban market, Alibaba has been trying to grow outside of its core e-commerce business to win new customers.
On Jan. 31, Alibaba Group announced its financial results for the quarter ended on December 31, 2018.
Last year, the economic growth of China slowed to its weakest in almost 30 years, with the growth expected to decline even further in 2019.
The results follow a warning.
Alibaba on Wednesday reported that its December quarter revenue rose 41% to RMB 117.3 billion ($17.06 billion), buoyed by its cloud computing business, where revenue rose 84% year-over-year to RMB 6.6 billion. He emphasized the sheer size of China's $13 trillion economy. Anticipating the headwind, Alibaba previously lowered its revenue outlook for its financial year ending March even before the top sales season.
"Concerns about trade tensions might affect sentiment, but Alibaba's exposure to the tangible effects of trade tariffs is small", Alibaba's executive vice-chairman, Joe Tsai, said on a post-earnings call on Wednesday. -China trade war. One area the market was focused on is spending by the company, with some analysts thinking that Alibaba could reign in expenditures because of the tougher operating environment. Chinese consumers are still fundamentally very strong and consumption is going to grow over the next 5 to 10 years, he added.
Chinese consumers are spending strongly despite an economic slowdown, the chief executive of Alibaba said yesterday.
The results propelled the shares of NY listed Alibaba to gain more than 6%, to US$166.82.
China's economic growth in 2018 slowed to its weakest in almost three decades amid faltering domestic demand and bruising USA tariffs. Apple this weak said its iPhone sales slipped in the holiday shopping quarter for the first time due to weak demand in the Asian country.
Revenue from core commerce increased 40 percent year-on-year to almost 103 billion yuan, while that from cloud computing was up 84 percent year-on-year to 6.6 billion yuan.
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