alibaba (Alibaba Group Holding Limited) announced its financial results for the third quarter of 2020, which ended on September 30.
Alibaba report financialAlibaba Group released its 2020 third quarter report.
As the pioneer of marketplace platforms, Alibaba continues to grow in the third quarter. While it is estimated that world tourism has suffered a global damage of 3 trillion dollars in the pandemic, the Chinese company states that they are going through a strong period and that they continue to help businesses improve and find new opportunities in the quarantine process that the whole world is experiencing. The company states that post-pandemic trade growth through digitalization, the solid performance of its core business and the strong growth of Alibaba Cloud have directly positively affected the results.
Alibaba Cloud Generates $ 7 Billion Annual Revenue Alibaba Cloud Outperforms AWS and Microsoft in Growth
In the report, company Chairman and CEO Daniel Zhang states that they have achieved a solid quarter by regulating the increase in EBITDA (income before interest, tax, depreciation and amortization) with a 30 percent increase in revenue compared to the previous year.
Highlights in the Alibaba 2020 financial report
Revenue was $ 22,838 million, up 30 percent from the previous year. Annual active consumers in your Chinese retail markets increased by 15 percent to 757 million. Net income attributed to shareholders was $ 4,237 million and net income was $ 3,907 million, a 60 percent decrease. In the cloud service, revenue grew by 60 percent year-on-year to $ 2,194 million. Revenue from innovation initiatives and others was $ 173 million, an increase of 10 percent in the same quarter of 2019.
You can click this link to examine the report in detail.