Alibaba earnings boosted by mobile growthStaff Writer | August 11, 2016
Alibaba Group Holding reported revenue and earnings that easily topped expectations in the most recent quarter as the company continued to add users and drive mobile sales.
Alibaba Mobile monthly active users jumped 39%
As Alibaba's user base grew, the company managed to increase its monetization rate. The company said the blended monetization rate of its China retail marketplaces rose to 2.79% from 2.33% in the year-ago quarter.
In all, the company's profit sank 76% to $7.55 billion yuan, or 2.94 yuan a share, from 30.84 billion yuan, or 11.92 yuan a share, a year earlier. The year-ago quarter was boosted by a one-time 27.38 billion yuan investment gain related to its moviemaking business, Alibaba Pictures.
Excluding certain items, Alibaba earned an adjusted 4.90 yuan a share. Revenue surged to 32.15 billion yuan from 20.25 billion yuan.
Alibaba noted that its total revenue growth of 59%, including 49% revenue growth in its China retail marketplaces, represented the company's highest growth rates since its IPO. ■