Alibaba sales forecast tops all estimates as new forays pay off

Billionaire Jack Ma chairman of Alibaba. Bloomberg

Laurie Berry | 10 June, 2017, 05:05

As of 12 p.m. the China e-commerce giant's shares were up more than 10 percent, to $138.82 in US trading on the heels of a bullish outlook offered up Alibaba CFO Maggie Wu at the start of a two-day investor conference. Analysts polled by Bloomberg had expected the ecommerce giant to post revenue growth of 35% for the year.

Alibaba's share price bounced 13 percent to a record US$142.30 on the New York Stock Exchange on Thursday, boosting its market valuation to US$362.3 billion and surpassing Tencent's US$332.3 billion.

That factor is important in China's digital advertising landscape, one in which most advertising data remains siloed within the country's largest three consumer-facing technology firms-Alibaba, search-focused Baidu and Tencent, which operates popular messaging platforms WeChat and QQ. For example, Tencent's Weixinpay is catching up with Alipay in the online payment space. To underscore the changes afoot at the Chinese company, it also said Thursday it will be reporting active consumers instead of buyers and will report customer management revenue instead of online marketing since it has more channels than just Alibaba.com.

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Other new business lines are also gaining traction, according to Zhang, with cloud computing transforming from an infrastructure provider to an application-enhanced service. Without those additions, Wu said, last year's growth would have been 44-45 percent. We note that Alibaba faces tough competition from Amazon (AMZN - Free Report) in the USA but has successfully prevented Amazon from encroaching into its home turf.

Alibaba is holding meetings with investors this week. "This will be good news for its share price, which could rise 6 to 7 percent based on this forecast", he added without specifying a timeframe. "Profitability is still not the priority for our cloud business", Wu told investors, reported Bloomberg. After shares rose following its initial public offering in NY in late 2014, the stock struggled for a few years before jumping in 2017.

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Alibaba sales forecast tops all estimates as new forays pay off

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