Alibaba Q1 Non-GAAP EPS Up 56% YoY; Cloud Computing Revenue Grows 66%

(RTTNews) - Alibaba Group Holding Limited (BABA) reported a strong quarter to start its fiscal year, with June quarter revenue growing 42% and adjusted EBITDA growing 34% year-over-year. The company expanded its user base to 674 million annual active consumers.

First-quarter non-GAAP earnings per ADS was RMB 12.55 or $1.83, an increase of 56% year-over-year. On average, 26 analysts polled by Thomson Reuters expected the company to report profit per share of $1.46, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA increased 34% year-over-year to RMB 39.24 billion or $5.72 billion.

For the first-quarter, revenue was RMB 114.9 billion or $16.74 billion, an increase of 42% year-over-year. Analysts expected revenue of $15.82 billion for the quarter. Cloud computing revenue grew 66% year-over-year to RMB 7.79 billion or $1.13 billion, primarily driven by an increase in average revenue per customer.

During the first-quarter, annual active consumers on China retail marketplaces reached 674 million, an increase of 20 million from the 12-month period ended March 31, 2019.

Daniel Zhang, CEO of Alibaba Group, said: "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."