Alibaba misses earnings despite spike in revenue
Main page News, China, Alibaba

Chinese e-commerce giant Alibaba (NYSE: Alibaba Group Holding [BABA]) has missed its earnings, dragged down by a higher tax bill and acquisitions.

The company reported adjusted fourth quarter earnings-per-share of 4.35 yuan (63 cents), just off the 4.51 yuan average of estimates compiled by Bloomberg.

That was despite a massive 60 percent increase in revenue, which did beat expectations.

Alibaba founder predicting robot CEOs in 30 years
Alibaba founder predicting robot CEOs in 30 years

Revenue climbed to 38.58 billion yuan ($5.60 billion), compared to analysts average forecast of 36 billion yuan, according to Thomson Reuters.

Revenue from the Alibaba's core e-commerce business was up 47 percent to 31.57 billion yuan, a 45 percent rise increase on the last quarter.

Revenue from cloud computing doubled to $314 million and its digital media and entertainment revenue more than tripled to $571 million.

Uber and Netflix tie up for Alibaba loyalty program
Uber and Netflix tie up for Alibaba loyalty program

The company also revealed that it will embark on a $6 billion share buy-back program over the next two years.

Alibaba shares tumbled 3.9 percent in pre-market trade.

Read also:

Хотите узнать больше о гражданстве за инвестиции? Оставьте свой адрес, и мы пришлем вам подробный гайд

Please describe the error
Close
Close
Thank you for registration
Like us on Facebook to help us make even more interesting materials for free.