Alibaba's Q1 revenue reached RMB153.7 billion: what is the growth engine?

Aug 24, 2020 Alibaba Group

On the evening of August 20, Alibaba announced its fiscal first quarter (April to end of June 2020) financial results. According to the report, Alibaba's revenue in the first fiscal quarter was 153.75 billion yuan, up 34% from the same period last year. Non-GAAP net profit was 39.47 billion yuan, up 28% year-on-year.

According to the results, the GMV of Tmall's physical payment goods grew 27%, with all major categories returning to or surpassing pre-epidemic levels. In cloud computing, Alibaba Cloud's first quarter revenue reached 12.345 billion yuan, up 59% year-on-year. The dual growth of public and hybrid clouds provided the impetus for its rapid growth.

According to the data, the number of monthly active mobile users in China's retail market increased to 874 million, with 742 million annual active consumers. The Taobao Special Edition, which focuses on third-, fourth- and fifth- tier markets, had nearly 40 million monthly active users (MAUs). In terms of core e-commerce business, the GMV of Tmall's physical payment goods grew 27%. Taobao has been pushing its live streaming business, with GMV growing 100% year-on-year, with merchant streaming contributing about 60% of Taobao's live streaming GMV.

In response to a previous media misstatement that Trump thinks Alibaba will be the next Chinese company to "deal" with, Alibaba Group Chairman and CEO Zhang Yong said in a conference call, "We are closely monitoring the U.S. government's policy changes towards Chinese companies, tracking and assessing the possible impact of these changes on Alibaba, and taking new compliance measures accordingly."