Alibaba has been under fire from Chinese regulators. China’s government has been reining in its tech giants and many of them have been whacked in the US market. For the first quarter, Alibaba reported revenue of RMB205.74 billion ($31.86 billion), up 34% from a year ago. Net income was RMB45.14 billion ($6.99 billion) and non-GAAP earnings were $6.46 billion. On an adjusted basis, the company earned 16.60 yuan per share. Wall Street was expecting revenue of 209.39 billion yuan with adjusted earnings of 14.43 yuan per share, according to IBES data from Refinitiv. Daniel Zhang, CEO of Alibaba, said global June global active consumers across the company’s ecosystem hit 1.18 billion, up 45 million from the previous quarter. Of that tally, 912 million active consumers are in China. Zhang said the company is focused on the long run and investing in its business. Zhang also addressed the China regulatory landscape. He said: Alibaba said its cloud unit delivered first quarter revenue of $2.49 billion, up 29% from a year ago. That growth rate slowed due to the loss of a large customer. Alibaba said: Zhang said on a conference call that excluding that large customer “Alibaba Cloud revenue growth this quarter would be close to 40% year-over-year. On the commerce front, Alibaba said it is broadening its offerings as it faces competition from smaller rivals. Growth areas included its secondhand marketplace in China called Idle Fish as well as Taobao Deals.
