Alibaba Group Q1 Adj. Net Income Declines; E-commerce Revenue Up 9%

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(RTTNews) - Alibaba Group Holding Limited (BABA) reported that its first quarter net income to ordinary shareholders was RMB 43.1 billion, an increase of 78% from a year ago. The company said this increase was primarily due to mark-to-market changes from equity investments and gain from the disposal of local consumer service business of Trendyol, partly offset by the decrease in income from operations. Earnings per ADS was RMB 17.98 compared to RMB 9.89. Adjusted EBITA decreased 14% year-over-year to RMB 38.84 billion primarily attributable to the investment in Taobao Instant Commerce, as well as user experiences, user acquisition and technology, partly offset by double-digit revenue growth in Alibaba China E-commerce Group, and improved operating efficiencies across various businesses. Non-GAAP net income was RMB 33.5 billion, a decrease of 18% from prior year. Non-GAAP earnings per ADS was RMB 14.75, a decrease of 10% year-over-year.

First quarter revenue was RMB 247.65 billion, an increase of 2% year-over-year. The company noted that, excluding revenue from the disposed businesses of Sun Art and Intime, revenue on a like-for-like basis would have grown by 10% year-over-year. Revenue from E-commerce business was RMB 118.6 billion, an increase of 9%.

"Our core businesses delivered strong revenue growth. Customer management revenue grew 10% and revenue from Cloud Intelligence Group grew 26%, with AI-related product revenue achieving triple-digit growth for the eighth consecutive quarter," said Toby Xu, CFO of Alibaba Group.

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