Alibaba Expects 27% Revenue Growth in Next 12 Months
Alibaba told investors that it expected revenue growth of about 27 percent over the next 12 months, compared to 35 percent in the prior year.
Sales of China's online retail giant jumped 22 percent in the first quarter due to increased demand for groceries, cloud computing, and electronics, but a loss of investment income almost wiped out profits.
According to Alibaba chief financial officer Maggie Wu, while the pandemic domestic core commerce businesses were negatively impacted by the pandemic beginning in late January, they have seen steady recovery since March.
Alibaba reported $16 billion in sales in the same period, as revenue on its core shopping websites increased by almost 19 percent, and sales in the cloud computing division jumped 58 percent.
However, its international businesses suffered saw significantly slower growth with the pace and timing of its recovery still uncertain.
China has crapped setting an economic growth target since 1990 due to the uncertainties brought about by the pandemic.