Alibaba revenues surge 61% in Q1

The company’s revenues grew 61% quarter-on-quarter to RMB 61.9 billion ($9.7 billion) in Q1-18, beating analysts’ expectations.

However, the Chinese giant’s net income dropped 33% to RMB 6.64 billion ($1.04 billion) during the three-month period, compared to RMB 9.85 billion in Q1-17.

The year-on-year decrease was attributed to the infrequent disposal increases after selling certain investments in the first quarter of 2017.

Meanwhile, the e-commerce giant’s net income attributable to common shareholders reached RMB 7.56 billion ($1.19 billion) during the first three months of the year.

As for the fiscal year (FY) ended 31 March 2018, revenues totaled to RMB 250 billion ($39.30 billion).

However, operating margin fell to 15% in the first quarter of the year, versus 25% in the same quarter of 2017.

Moreover, Alibaba’s earnings per share (EPS) dropped between January and March 30% to RMB 2.88 ($0.45), versus RMB 4.12 ($0.65) in the same year-ago period.

The company speculated its revenues for the fiscal year 2019 (FY 2019) to exceed a year-on-year rate of 60%.

“Excluding the consolidation of Ele.me and Cainiao Network,” the company expected its revenue to grow at 50% for FY 2019.