Alibaba Group Holding Limited (NYSE: BABA) reported third-quarter FY22 revenue growth of 2% year-on-year to $35.92 billion, beating the consensus of $35.76 billion.
Segments: China commerce segment revenue declined by 1% Y/Y to $24.65 billion, Cloud grew by 3% Y/Y to $2.93 billion, Local consumer services increased by 6% Y/Y to $1.91 billion, and International commerce rose by 18% Y/Y to $2.82 billion.
China Commerce (69% of revenue): The online physical goods GMV for Taobao and Tmall, excluding unpaid orders, recorded a mid-single-digit year-over-year decline due to COVID-19 resurgence, soft consumer demand, and competition.
Cloud (8% of revenue): The cloud segment comprising Alibaba Cloud and DingTalk grew driven by healthy public cloud growth.
International Commerce (8% of revenue): The combined number of orders of Lazada, AliExpress, Trendyol, and Daraz rose by 3% Y/Y due to the robust order growth of Trendyol.
Cainiao (7% of revenue): Revenue grew 27% Y/Y to $2.4 billion, driven by higher domestic consumer logistics services revenue.
Non-GAAP earnings per ADS of $2.79 beat the consensus of $2.37. Alibaba generated $11.82 billion in free cash flow, up by 15% Y/Y.
"We delivered a solid quarter despite softer demand, supply chain and logistics disruptions due to impact of changes in COVID-19 measures," said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group. "Looking ahead, we expect continued recovery in consumer sentiment and economic activity."
Price Action: BABA shares traded higher by 5.82% at $100.30 premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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