REPORTED THURSDAY, MAY 7 BMO
| EPS | Revenue | |
|---|---|---|
| Wall Street Consensus | 0.42 | 2,694 |
| Estimize Consensus 60 estimates | 0.45 | 2,792 |
| › BABA Reported Earnings | 0.48 | 2,811 |
Highlight:
Alibaba +11.3% after FQ4 beat, CEO change; Yahoo +7.9%
- Alibaba (NYSE:BABA) has jumped to $89.05 after posting an FQ4 beat amid low expectations. Along with the results, the company has announced COO Daniel Zhang is its new CEO, effective May 10; current CEO Jonathan Lu will stay on board as vice chairman, joining Joseph Tsai in holding that title. Jack Ma remains executive chairman.
- Revenue growth accelerated to 45% Y/Y from FQ3's 40%. Chinese marketplaces GMV rose 40% to RMB600B ($96.6B), a slowdown from FQ3's 49%. Mobile accounted for 51% of GMV, up from 42% in FQ3 and 36% in FQ2. Annual active buyers +5% Q/Q and +37% Y/Y to 350M.
- A stabilizing monetization rate (revenue as a % of GMV) helped make the FQ4 beat possible: After falling 35 bps Y/Y in seasonally strong FQ3 to 2.7%, monetization rate fell just 1 bps Y/Y in FQ4 to 2.17%. Making this possible: Mobile monetization rate rose to 1.73% from 0.98% a year ago. Altogether, mobile revenue rose 352% Y/Y and was 40% of China retail marketplace revenue vs. 30% in FQ3 and 12% a year ago.
- Segment performance: China retail commerce revenue +39% Y/Y to $2.11B. China wholesale +42% to $136M. International wholesale +19% to $190M. International retail +53% to $70M. Cloud computing/Web infrastructure +82% to $63M. Everything else (boosted by acquisitions) +169% to $243M. Taobao GMV +29% to $61B; Tmall GMV +62% to $35B.
- Financials: Free cash flow +143% Y/Y to $914M; it trailed net income of $1.25B. R&D spend ($491M) was 17% of revenue vs. 10% a year ago; sales/marketing ($408M) was 15% of revenue vs. 11%; G&A ($400M) was 14% of revenue vs. 4%. Soaring stock compensation expenses (driven by the IPO) contributed to the spending growth. Alibaba had $19.7B in cash at the end of March.
- Yahoo (NASDAQ:YHOO) has risen to $44.95 thanks to Alibaba. SoftBank (OTCPK:SFTBF) has seen the value of 797.7M-share Alibaba stake grow by over $7B.
 |
| BABA raise 10% on pre-market |
公司近况：
新CEO
任命张勇为首席执行官。张勇目前担任首席运营官，他将接替陆兆禧。
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