The Chinese e-commerce powerhouse saw profits jump over the last three months of 2020.
Thanks to the rapid recovery of China’s economy, the company has recorded that for the quarter ended 31 December 2020 revenue was $33.8bn, an increase of 37 per cent year over year. Adjusted EBITDA was also up by 22 per cent year over year.
Revenue for the company’s China commerce retail business for the same quarter was up by 39 per cent compared to the same quarter in 2019 and customer management revenue also grew by 20 per cent year-over-year.
Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group, commented: ““We achieved another successful 11.11 Global Shopping Festival by stimulating consumption, satisfying consumer demands and supporting the business recovery of merchants in response to the impact of the pandemic. Our cloud computing business continues to expand market leadership and show strong growth, reflecting the massive potential of China’s nascent cloud computing market as well as our years of investment in technology. Looking ahead, we are confident that we will continue to create value for our customers, lead with innovation and make our contributions to society.”
