Alibaba's single-quarter revenue hits US$17.46 billion

China slowdown weighs on revenue growth at internet giant Alibaba

Daniel Zhang the chief executive of the Alibaba group, said that the company had "another strong quarter", with growth driven by its cloud and data technology segments.

On the economy, Tsai noted that consumer consumption in China remains robust as the middle class there is set to grow to 850 million people by 2030.

The second most valuable public firm of Asia published revenue amounting to 117.28bn yuan (£13.4 billion) for the three months to the 31st of December, compared to 83 billion yuan that was recorded a year earlier.

Net income rose 33 percent to 30.96 billion yuan, however, beating estimates and sending Alibaba's stock up by about 1.6 percent in pre-market trade. Cloud computing is now 6 percent of Alibaba revenue, up from 4 percent in the fourth quarter a year ago.

Alibaba also cut its revenue growth forecast for the 2019 fiscal year ending in March this year by about 5%.

"Concerns about trade tensions might affect sentiment, but Alibaba's exposure to the tangible effects of trade tariffs is small", Alibaba's executive vice-chairman, Joe Tsai, said on a post-earnings call on Wednesday.

Tsai also brushed aside concerns about the trade war, saying people were overly anxious about its impact on China's economy.

Barcelona stomps Sevilla, Lionel Messi nets 50th at Copa del Rey
Jordi Alba assisted Suarez for another score in the 89th minute, but Barcelona wasn't finished decimating its La Liga foe. Ivan Rakitic turned in a perfectly-weighted long pass by Arthur for Barcelona's second goal in the 31st.

Alibaba, which is listed in NY, is China's second largest company after Tencent and the world's second largest ecommerce company after Amazon.

As some US companies blame China's economy for their earnings misses, China's Alibaba has offered some upbeat notes about the world's second-largest economy amid growing concerns of a slowdown.

Businesses worldwide are bearing the brunt of slowing growth in China growth, which has generated a third of global growth in recent years.

Net profit reached $4.9 billion in the October-December third quarter.

Given signs of saturation in China's urban market, Alibaba has been trying to grow outside of its core e-commerce business to win new customers.

The company continued to invest heavily in cloud computing, artificial intelligence and online entertainment in the December quarter. Its core commerce revenues rose 40 percent 102.84 billion yuan ($14.95 billion).

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