- 16 August 2019
- Transport / Logistics Services
Alibaba Group has bucked the Chinese economy trend of growth slowdown with revenues growing by 42% to US $16.7 billion in the quarter ended June 30th.
Amongst the highlights was Cainiao Logistics that saw a 50% annual growth to US$729 million as order volumes rocketed. Its import fulfilment solutions served more than 97% of Tmail Global packages in June.
“Alibaba had a great quarter, expanding our user base to 674 million annual active consumers, demonstrating our superior user experience,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.”
“We had a strong quarter to start our fiscal year, with revenue growing 42% and adjusted EBITDA growing 34% year-over-year,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “We are pleased to see sustained user engagement and consumer spending across our platforms. We continue to invest for long-term growth while at the same time gaining cost efficiencies in our investment areas.”