China-based e-commerce and technology conglomerate, Alibaba Group, released its financial results for the quarter ended June 30 2019 earlier this month.
Alibaba Group CEO, Daniel Zhang, said the business had a great quarter and expanded its user base to 764 million annual active consumers.
“We will continue to expand our customer base, increase operating efficiency and deliver robust growth,” he said. “With strong cash flow from our core commerce business, we will continue to invest in technology and bring
digital transformation to millions of businesses globally.”
Alibaba Group Chief Financial Officer, Maggie Wu, confirmed it was a strong quarter to start the fiscal year “with revenue growing 42 per cent and adjusted EBITDA growing 34 per cent year-over-year”.
The conglomerate reported a revenue of $16.741 million USD (€15.099 million) for the quarter ended 30 June 2019.
Income from operations was $3.551 million USD (€3.202 million), an increase of 204 per cent year-over-year.
The Cainiao Network which is part of Alibaba’s core commerce developed robust import fulfilment solutions from Tmall Global (a consumer engagement and distribution platform for brands in China) utilising a combination of bonded warehouses in China and direct shipment from foreign countries.
In June 2019, Cainiao Network’s import fulfilment solutions served more than 97 per cent of Tmall Global’s packages. During the 6.18 Mid-Year Shopping Festival, Cainiao’s bonded warehouse facilitated the shipment of tens of millions of packages imported by Tmall Global, representing year-over-year growth of over 60 per cent.
Cainiao Network continued to focus on providing consumers with comprehensive last-mile solutions, including neighbourhood and campus pick-up stations and self-pickup lockers. Consumers also reportedly benefitted from Cainiao’s Guoguo app, which offers on-demand pick-up and delivery services that allow consumers to send packages from the comfort of their homes, thereby facilitating returns.
(Image: Alibaba Group CEO, Daniel Zhang.)