{"id":19120,"date":"2015-10-28T16:05:31","date_gmt":"2015-10-28T21:05:31","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=19120"},"modified":"2015-10-28T17:13:31","modified_gmt":"2015-10-28T22:13:31","slug":"alibaba-shrugs-off-shaky-chinese-economy-with-strong-earnings","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/alibaba-shrugs-off-shaky-chinese-economy-with-strong-earnings\/","title":{"rendered":"Alibaba shrugs off shaky Chinese economy with strong earnings"},"content":{"rendered":"

By Alex Valentine<\/p>\n

Alibaba shrugged off a shaky Chinese economy and posted better-than-expected quarterly earnings and a jump in the number of mobile users.<\/p>\n

Excluding certain one-time items, profit rose 34 percent from a year ago to $1.46 billion or 57 cents per share, \u00a0beating the analysts’ estimate of 53 cents.<\/p>\n

Since the earnings release Tuesday morning, \u00a0Alibaba\u2019s stock price has jumped nearly 8 percent. It closed Wednesday at $82.35.<\/p>\n

<\/p>\n

Sales jumped 32 percent to $3.49 billion from a year ago. The company said the number of active buyers on Alibaba\u2019s website increased 26 percent from a year ago, and the number of monthly mobile users jumped 59 percent.<\/p>\n

\u201cWe are winning in mobile,\u201d CEO Daniel Zhang said in a conference call with analysts Tuesday. \u201cMobile users are highly engaged and drive our online spending.\u201d<\/p>\n

While its online shopping subsidiary, Taobao, saw growth slow compared to the prior quarter, Alibaba\u2019s overall quarter surpassed expectations.<\/p>\n

Last week, China reported that its economy expanded by 6.9 percent in the third quarter, the slowest pace since 2009. \u00a0Analysts said Alibaba’s results were an opportunity to assess the state of the Chinese consumer.<\/p>\n

\u201cWhile uneven consumer sentiment appears to have affected Taobao, it had a negligible impact across the rest of the platform, with mobile monetization, (gross merchandise volume) growth, and cloud computing trends reinforcing the strength of Alibaba’s core business,\u201d said Morningstar financial analyst R.J. Hottovy.<\/p>\n

Alibaba also began offering same-day delivery services to several new cities in China this quarter.<\/p>\n

Yahoo owns a 15 percent stake in Alibaba, which it says it plans to spin off in spite of failing to get an advanced tax ruling from the Internal Revenue Service. Yahoo saw its stock price increase 2.7 percent Tuesday.<\/p>\n

Chief Financial Officer Maggie Wu said in the conference call that Alibaba anticipates further company growth for the remainder of the year, primarily by attracting farmers to \u00a0a mobile app that will allow them to sell products directly to consumers.<\/p>\n

Photo at top: Employees’ bikes are parked outside of Alibaba in February 2014.(Leighklotz<\/a>\/Creative Commons<\/a>)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Alex Valentine Alibaba shrugged off a shaky Chinese economy and posted better-than-expected quarterly earnings and a jump in the number of mobile users. Excluding certain one-time items, profit rose 34 percent from a year ago to $1.46 billion or 57 cents per share, \u00a0beating the analysts’ estimate of 53 cents. Since the earnings release […]<\/p>\n","protected":false},"author":149,"featured_media":19130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,509],"tags":[],"class_list":["post-19120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-fall-2015"],"yoast_head":"\nAlibaba shrugs off shaky Chinese economy with strong earnings - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/alibaba-shrugs-off-shaky-chinese-economy-with-strong-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alibaba shrugs off shaky Chinese economy with strong earnings - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Alex Valentine Alibaba shrugged off a shaky Chinese economy and posted better-than-expected quarterly earnings and a jump in the number of mobile users. 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