China-based Alibaba Group Holding Ltd. pulled off another earnings win Thursday, posting substantial year-over-year revenue gains and topping market watchers’ forecasts.
The e-commerce giant said its revenues grew 59 percent in the June quarter, to $4.8 billion, topping estimates for revenues of $4.5 billion.
Net income, the company said, totaled $1.1 billion, or 44 cents per diluted share. Adjusted earnings per diluted share were 74 cents, a significant beat on estimates for diluted EPS of 63 cents.
“Alibaba Group had an outstanding quarter. Our results show the scale and leverage of our ecosystem, as we strengthen our competitive positions in core commerce, cloud computing and digital media and entertainment,” said Alibaba CEO Daniel Zhang in a release. “The acceleration of our revenue growth reflects the deep value propositions that we bring to our customers. We are changing the way our 434 million active buyers engage with our platform, as we introduce social, community and personalization driven by smart data into our e-commerce marketplaces.”
Alibaba CFO Maggie Wu noted that the company saw substantial gains in mobile, an area where the firm has focused a lot of its resources.
“We passed an important milestone this quarter in achieving higher monetization of mobile users than non-mobile users for the first time, reflecting the success of our strategy to stay ahead of the curve by embracing mobile,” Wu said in a statement. “As we demonstrate from our segmental disclosure, our results reflect the unrivaled strength of our core commerce business, as well as the accelerating traction we are seeing from our cloud computing and digital media and entertainment businesses.”
The firm’s total revenue growth — coupled with a 49 percent sales gain, to $3.5 billion, in its China retail marketplaces — represents the highest growth rates Alibaba achieved since its September 2014 IPO, Wu noted.
The company said its gross merchandise volume (GMV) — a measure of growth in the e-commerce space — advanced 24 percent to $126 billion, with mobile GMV accounting for 75 percent of total GMV.