Alibaba Group Holding Co. Ltd. (BABA) - Get Report posted stronger-than-expected fourth revenues Thursday as online shopping trends held firmly in place over the waning months of China's coronavirus pandemic.
Alibaba said diluted non-GAAP diluted earnings for its U.S.-listed shares for the three months ending in March, the group's fiscal fourth quarter, were pegged at $1.58 per share, a 12% increase from the same period last year. Its diluted loss was marked at 30 cents per share, a figure that included a $2.78 billion anti-monopoly fee paid to China’s State Administration for Market Regulation.
Group revenues, Alibaba said, rose 64% to 187.4 billion Chinese yuan, or $29.03 billion, compared to analysts' forecasts of a 180.4 billion tally. Alibaba noted that it expects to generate 930 billion yuan in sales during the current financial year.
“Alibaba achieved a historic milestone of one billion annual active consumers globally in the fiscal year ended March 2021,” said CEO Daniel Zhang. “Our overall business delivered strong growth on a healthy foundation, with the Alibaba Ecosystem generating a record US$1.2 trillion in GMV during this fiscal year."
"Such achievements were built on top of clear value propositions that we offer to consumers and merchants. We remain very excited about the growth of China’s consumption economy, which is benefiting from the acceleration of digitalization in all aspects of life and work," he added. "We will continue to focus on customer experience and value creation through innovation, as we pursue our mission to make it easy to do business anywhere in the digital era.”
Alibaba's U.S.-listed shares were marked 2.8% lower in early trading immediately following the earnings release to change hands at $213.80 each.