Executive Summary

• Alibaba reported 1Q19 revenues of ¥80.9 billion, up 61% year over year. The company attributed the strong results to robust revenue growth from its China retail business, the consolidation of Cainiao Network and Ele.me, as well as a near-doubling of revenues in the Alibaba Cloud business.
• Core commerce revenues reached ¥69.2 billion, up 61% year over year. International retail revenues were up 64% year over year, primarily driven by the growth in revenues on the two marketplaces, Lazada and AliExpress.
• Cloud computing sales reached ¥4.7 billion, up 93% year over year, driven by solid growth in paying customers, as well as higher value-added products and services.
• Management did not provide full-year guidance.