Alibaba revenues increase 59pc as profit falls 77pc to US$1.

Time: 2016-08-16 13:50
CHINESE e-commerce giant Alibaba quarterly profit plunged 77 per cent year on year to US$1.07 billion while enjoying a 59 per cent increase in revenue to US$4.8 billion, its biggest gain since the company went public two years ago.
Alibaba said it faces an uphill battle to make some of its newer investments profitable. An investment in food-delivery service Koubei generated a $37 million loss in the first quarter.
Another investment in logistics network Cainiao saw losses rise to $34 million in the second quarter
While the company's numbers were up, it pointed to rapid growth in its cloud-computing business as the important takeaway during Q2.
Cloud computing revenue grew 156 per cent with the number of customers more than doubling to 577,000, compared to a year earlier.
Annual active buyers increased to 434 million, representing an 18 per cent year-on-year increase, reported New York's Air Cargo World.
Revenue per annual active buyer was $30, while mobile revenue per mobile MAU (mobile apps unlocked) was $21.
For reference, in early 2015, Amazon Prime members spent $1,500 per year, on average, while non-members spent about $625 a year, according to Consumer Intelligence Research Partners.
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