Alibaba Q1 Profit Rises; Domestic Core Commerce Business Recovers To Pre-COVID-19 Levels

(RTTNews) - Alibaba Group Holding Limited (BABA) said the company has delivered a very strong start to its new fiscal year, with revenue growing 34% year-over-year and adjusted EBITDA growing 30% year-over-year.

For the quarter ended June 30, 2020: non-GAAP earnings per ADS was RMB 14.82 or $2.10, an increase of 18% year-over-year. Non-GAAP earnings per share was RMB 1.85 or $0.26, an increase of 18%. Adjusted EBITDA rose 30% $7.22 billion.

For the period, revenue was $21.76 billion, up 34% from a year ago. Annual active consumers on the company's China retail marketplaces were 742 million, an increase of 16 million from the 12-month period ended March 31, 2020.

Maggie Wu, Chief Financial Officer of Alibaba Group, said: "Our domestic core commerce business has fully recovered to pre-COVID-19 levels across the board, while cloud computing revenue grew 59% year-over-year."