Shanghai: China's e-commerce leader Alibaba announced revenue for the last quarter to beat analytical estimates on Wednesday, suggesting that China-Tiff trade tiff and slowing domestic economy had little impact on the bottom line.
Revenues from January to March rose 51% y / y to 93.5 bn Yuan (US $ 13.6 bn), according to the company's report, which exceeded an average analytical estimate of 91.7 bn yuan by Bloomberg News.
Net profit was 25.8 billion yuan, which is more than three times the same period of the previous year.
Revenue in the main segment of the Hangzhou-based e-commerce company, which accounts for the vast majority of its business, jumped 54%, while a smaller but fast-growing cloud computing unit grew 76%.
"Our cloud and data technology and huge resale traction have allowed us to constantly change the way businesses operate in China and other emerging markets, contributing to our long-term growth," said CEO Daniel Zhang.
Alibaba pours money into what it calls "new retail", which optimizes sales and service in stores using online data.
Alibaba dominates China's rapidly expanding consumer culture, and its corporate results are usually observed in the light of any suggestions that Chinese economic slowdown and trade tensions between the US and China will distract shoppers.
On Thursday, Chinese social media and giant Tencent announced that its quarterly earnings have also exceeded expectations.
Tencent said that commercial payments and digital content services helped offset the government's crackdown on its cash-cow segment.
Alibaba was named the world's most valuable retail brand outside the US on Tuesday, according to the global marketing and communications group, WPP, and research and consulting firm Kantar.
Their report was released by Alibaba in front of McDonald's, Home Depot, Nike and Louis Vuitton, and it was the only Asian top 10 brand.
The value of Alibaba in 2018 was $ 131.2 billion, up 48% from the previous year.
Companies such as Alibaba are linked to a national economic strategy to boost more domestic consumer spending and thus reduce dependence on sharp foreign demand for Chinese exports.