China's Alibaba e-commerce leader announced on Wednesday revenue for the last quarter that surpassed analysts' estimates, pointing out that China-US trade tiffs and the slowdown in the domestic economy had little impact on the end result.
Revenue for the period January-March increased by 51% compared to the same period last year, to 93.5 billion yuan (US $ 13.6 billion), the company said, exceeding the average estimate of analysts of 91.7 billion yuan , collected by Bloomberg Nevs.
Net profit amounted to 25.8 billion yuan, which is more than triple over the same period last year.
The revenue in the basic e-commerce segment of Hangzhou, which represents the vast majority of its business, jumped 54%, while the smaller, but fast-growing unit of cloud computing jumped 76%.
"Our cloud and data technology and massive retail footprint have made it possible for us to continuously transform the way we operate in China and other emerging markets, which will contribute to our long-term growth," said CEO Daniel Zhang in a statement.
Alibaba invests money in what is called a "new retailer", which optimizes sales and service in the store using data that is online.
Alibaba dominates China's fast-growing consumer culture, and its corporate results are typically carefully monitored by any signs that China's economic slowdown and US-China trade tension shut off customers.
Earlier on Wednesday, a Chinese giant of social media and games of chance based in Hong Kong, Tencent announced that quarterly profits will beat expectations.
Tencent said commercial payment services and digital content business help helped alleviate government action in the gaming sector.
Alibaba was announced Tuesday as the most valuable retailer in the world outside the United States, ranking the global marketing and communication group VPP and the research and consulting firm Kantar.
Their report put Alibaba in front of McDonald's, Home Depot, Nike and Louis Vuitton, and was the only Asian brand in the top 10.
He put the value of the Alibaba brand at $ 131.2 billion in 2018, up 48% from the previous year.
Companies such as Alibaba are at the center of a national economic strategy to encourage more domestic consumer spending, thereby reducing the reliance on unprecedented foreign demand for Chinese exports.