Mobile shopping continues to drive revenue at e-commerce giant Alibaba, beating Wall Street on earnings for the December quarter. Alibaba reported revenue of $5.33 billion with earnings of 99 cents a share. Analysts polled by S&P Capital IQ Consensus Estimates forecast Alibaba reporting $5.13 billion with earnings of 89 cents per share.Image may be NSFW.
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Revenue from merchandise sold on Alibaba marketplaces reached $149 billion, with 68% of that coming from mobile. “We had excellent results this quarter,” said Alibaba Group chief financial officer Maggie Wu. “We achieved impressive revenue growth as we are increasingly monetizing the user activity on our marketplaces, particularly on mobile devices.”
Shares of Alibaba dipped more than 2% in morning trading. Meanwhile, shares of Yahoo, which owns a stake in Alibaba, slid 2%. Alibaba also says mobile revenue nearly tripled for the December quarter, which includes the important November 11 shopping holiday in China.
Singles Day set more records last holiday, with $115 million buyers purchasing $14 billion worth of merchandise through various Alibaba platforms. “Our proven ability to deliver an unparalleled consumer experience and to help merchants attract, engage and retain buyers will drive future growth in our core business,” said Alibaba Group CEO Daniel Zhang in a statement.
