Daily Management Review

Alibaba's founder adds $ 2.8 billion to his capital overnight


06/09/2017


Capital of Jack Ma, the founder of the Internet company Alibaba, grew by $ 2.8 billion in just one day against the background of the company's sales forecasts, reports Bloomberg.



UNclimatechange via flickr
UNclimatechange via flickr
Shares of Chinese Internet giant Alibaba Group Holding jumped by 13% on Thursday on a strong revenue forecast. Thus, the company's capitalization increased by $ 42 billion and amounted to $ 355.02 billion. Head of the Chinese Internet giant Jack Ma himself increased his fortune by $ 2.8 Billion

According to the Bloomberg Billionaires Index, Ma is the richest man in Asia, he ranks 14th among the richest people in the world. Since the beginning of the year, his fortune has increased by $ 8.5 billion to $ 41.8 billion.

The day before, Alibaba CFO Maggie Wu said that the company expects revenue growth of 45-49% in the current fiscal year, ending in March 2018. Thus, the figure could reach $ 34.3 billion.

According to results of the fourth quarter of 2017, ending on March 31, 2017, net profit of Alibaba Group Hodling Ltd. increased more than 2 times to 10.65 billion yuan ($ 1.55 billion), or 4.35 yuan (60 cents) per share, compared with 5.31 billion yuan, or 2.99 yuan per share, for a similar period of the previous year.

The adjusted profit was 63 cents per share, which is 2 cents less than analysts surveyed by FactSet. The company's revenue jumped 60% to $ 5.61 billion. Experts expected revenue of $ 5.24 billion.

Experts who participated in the survey of S&P Global Market Intelligence expected an increase in the total net profit to only 6.4 billion yuan. Analysts polled by Bloomberg, on average, forecasted a higher profit of Alibaba per share - at a level of 4.51 yuan. Alibaba's quarterly revenue in e-commerce increased by 47% to 31.6 billion yuan, in cloud computing - by 103%, in the media and entertainment - by 234%.

In the reporting quarter, the company's revenue from cloud business increased by 103% year-on-year, reaching 2.2 billion yuan ($ 313 million). Over the previous three months, the financial indicator increased by 115%, and three months earlier - by 130%.

According to the results of the 12-month reporting period, closed on March 31, 2017, the revenue of Alibaba Cloud was 6.7 billion yuan (about $ 968 million), which is 121% more than a year ago.

source: bloomberg.com






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