Alibaba revenue growth slowest pace in 3 years, but beat on EPS

China slowdown weighs on revenue growth at internet giant Alibaba

The business has also noted that 70 percent of its annual active consumer growth has come from cities rated as third-tier and lower, as mobile connectivity and e-commerce continues to grow in these regions.

Alibaba, the second most valuable public company in Asia after Tencent, posted on Thursday third-quarter revenue of 117.28 billion yuan (13.33 billion pounds), compared with 83 billion yuan a year earlier.

Alibaba, which is listed in NY, is China's second largest company after Tencent and the world's second largest ecommerce company after Amazon.

Alibaba dominates China's emerging consumer culture and its corporate results were widely anticipated for any signs that a worsening Chinese economic slowdown and the United States-China trade tussle were turning off shoppers.

Despite this, concerns about Alibaba's ongoing war with Meituan-Dianping in the food delivery sphere remain as well as in regards to the company's current strategy of investing into offline retailers in order to integrate online and offline commerce. Analysts expected the online retailer to report adjusted earnings of $1.67 per share, based on figures compiled by Refinitiv.

E-commerce giant Alibaba reported quarterly profit far above market expectations, sending its shares up 6 percent.

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On Jan. 31, Alibaba Group announced its financial results for the quarter ended on December 31, 2018.

In other words, Alibaba has a lot of irons in a fire that is still burning brightly, despite recent headlines.

Alibaba's chief executive Daniel Zhang said the group's growth is driven by the power of Alibaba's cloud and data technology that "helps expedite the digital transformation of millions of enterprises". The company said it has since repurchased 10.86 million of its ADSs for $1.6 billion.

Alibaba also cut its revenue growth forecast for the 2019 fiscal year ending in March this year by about 5%.

Companies like Alibaba are at the nexus of a national economic strategy to encourage more domestic consumer spending and thereby lessen the reliance on fickle foreign demand for Chinese exports.

Digital media and entertainment revenue increased by 20% to United States dollars 944 Million and revenue from Innovation initiatives and others rose by 73% to USD 193 Million.

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