Chinese online retail giant, Alibaba Group Holding Limited, has seen a good rise in its revenue and profits in Q4 – contrary to all the expectations of trade experts. The Q4 report was released yesterday.
With all retail stores shut across the globe owing to lockdown, consumers have been shopping online especially for essentials and Alibaba seems to be the biggest gainer.
While the company’s commerce business rose by almost 19 per cent to touch 93.87 billion yuan in the fourth quarter, the revenue at its cloud computing business increased by an astounding 58 per cent during the same period.
With the country slowly coming back to normalcy, Alibaba believes to generate revenue of more than 650 billion yuan in fiscal 2021.
The analysts had predicted Alibaba to earn 107.04 billion yuan, as per the IBES data from Refinitiv; however, e-commerce giant’s overall revenue increased to 114.31 billion yuan in the quarter ended 31 March.
Though smaller competitors like JD.com have been doing well in the interiors of China, Alibaba has been venturing into new businesses and new technologies to maintain its supremacy.