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20 May 2017, 08:58 | Jan Cross
Shares were off almost 3% in early trading
The company said Thursday that net income attributable to ordinary shareholders for the fiscal fourth quarter ended March 31 was 10.65 billion yuan, or $1.55 billion, almost double the amount from the like quarter one year ago.
Revenue in the fiscal year surged 56 percent to about 158.3 billion yuan year on year, according to Alibaba. Adjusted earnings per share were 4.35 yuan, below estimates of 4.48 yuan.
The Chinese company, which is looking to grow its business beyond e-commerce and is targeting new lines in cloud computing, big data, entertainment and offline retail, says the repurchase will replace its existing buyback program.
Alibaba downplayed the profit drop, saying net income in the last quarter of its fiscal year was good and it has been a while since it invested in emerging businesses.
Shares of Alibaba slipped 2.7 per cent in NY on Wednesday.
"The traditional thinking that pits e-commerce against physical commerce no longer holds", said Alibaba's co-founder and executive vice chairman Joseph Tsai Chung-hsin.
Full year revenue from digital media and entertainment increased 271 per cent year-over-year to US$2.14 billion.
Like its United States rival Amazon - which claims more than 300 million customer accounts - Alibaba has expanded into a wide range of services, including cloud computing and media, via its Youku Tudou video hosting service.
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Abbas, on the other hand, condemned terrorism and said he has agreed with United States to end conflict with Israel. Abbas said Palestine appreciated the solidarity India extends to its cause.
Alibaba, started by billionaire Jack Ma, is the dominant online retailer in China.
This is up by 60 percent when compared with the same period past year; which saw a quarterly profit of US$2.4 billion, Xinhua News Agency reported.
The ecommerce giant's first quarter results revealed revenues from Alibaba's core commerce business, which includes the Taobao and Tmall marketplaces, increased 47% year-on-year to RMB 31.6bn ($4.6bn).
Alibaba runs a formable e-commerce operation, aided by China's huge population and the country's comfort level with shopping online, especially on mobile.
Revenue from digital entertainment more than tripled to 3.9 billion yuan with an operating loss of 2.6 billion yuan as it spends on content for video site Youku Tudou and other platforms.
Mobile monthly active users on the company's retail marketplaces reached 507 million in March - up 14 million people from last quarter.
During the fourth quarter, paying customers for cloud computing rose to 874,000 from 109,000 in the previous quarter, driving revenue growth to 103% year-over-year.
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