Alibaba’s reported first quarter revenue of $34.6bn up 10% on an underlying basis (slightly below analyst expectations). However, cloud computing revenue growth of 26% came in well ahead of market forecasts.
Underlying cash profit (EBITDA) fell 11% to $6.4bn primarily due to increased investments in E-commerce.
Free cashflow moved into negative territory with an outflow of $2.6bn, driven by investment in cloud infrastructure and on-demand delivery services. Net cash came in at $20bn.
Alibaba spent $815mn on share repurchases in the quarter.
The shares rose 11.2% in early trading.
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Alibaba key facts
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