(Reuters) – Chinese e-commerce giant Alibaba Group second-quarter revenue rose 32 percent, beating analysts’ estimates, even as the value of goods transacted on its platform grew at a slower pace.
Revenue rose to 22.2 billion yuan ($3.49 billion) in the quarter ended Sept. 30, compared with the average analyst estimate of 21.245 billion yuan ($3.34 billion), according to Thomson Reuters.
Gross merchandise volume, or the total value of goods transacted on its platforms on China retail marketplaces, rose 28 percent to 713 billion yuan ($112.2 billion).
The strong performance comes against the backdrop of broader concerns that the Chinese economy is slowing. Those worries have driven down Alibaba’s stock, but have also hit U.S.-based tech companies that have been counting on China as a source of growth.
Alibaba shares closed at $76.35 on Monday, down about 36 percent from their record high of $120 in November 2014. Alibaba’s New York-listed shares were up 8.5 percent in premarket trading on Tuesday.
Mobile revenue nearly tripled to $1.66 billion, with mobile GMV accounting for 62 percent of total GMV transacted on Alibaba’s China retail marketplaces.
Alibaba is branching out from its core online-only shopping platforms in a bid to stem a slowdown in revenue growth and the total value of goods transacted over its websites.
The company reported net income attributable to shareholders of $3.58 billion, or $1.40 per share. Excluding items, the company posted earnings of 57 cents per share.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more