Alibaba pops after quarterly revenue soars 14%; new structure started
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Alibaba (NYSE:BABA) shares gained more than 6.5% on Thursday after first-quarter results beat estimates.
Non-GAAP earnings rose 48% year-over-year to RMB17.37, or $2.40 per ADS. Revenue grew 14% year-over-year to RMB234.16B ($32.29B).
In addition, Alibaba (BABA) said that starting from the quarter ended June 30, it implemented a new organizational structure, under which it is the holding company of six major business groups and some other businesses.
The six major units are Taobao and Tmall, Alibaba International Digital Commerce (AIDC), Local Services, Cainiao Smart Logistics Network, and Digital Media and Entertainment.
"Revenue and adjusted EBITA increased 14% and 32% year-on-year, respectively, due to improvements across all business segments," said Alibaba's CFO Toby Xu.
Revenue from Cloud Intelligence, which is developing AI models, rose 4% year-over-year to RMB25.12B or roughly $3.47B.
The growth of Alibaba Cloud was driven by storage, networks and AI computing related products, but partly offset by the normalization of CDN demand compared to the year ago period, according to the company.
Total Taobao and Tmall Group revenue grew 12% year-over-year to RMB114.95B or $15.85B. Taobao app grew average daily active users by 6.5% year-over-year while Xianyu, a community and marketplace, grew daily active users 18% year-over-year. 
The company added that the 6.18 Shopping Festival generated solid growth in order volume and average order value. During the festival, spending by 88VIP members grew double digits, while the number of paying subscribers also recorded strong growth.
Revenue from AIDC increased 41% year-over-year to RMB22.12B, or $3.05B. In Q1, the combined order growth of AIDC's retail businesses was around 25% year-over-year driven by solid performance from all major retail platforms, the company added.
Local Services Revenue jumped 30% year-over-year to RMB14.45B ($1.99B), driven by strong revenue growth in both Ele.me and Amap businesses.
Revenue from Cainiao Smart Logistics Network rose 34% year-over-year to RMB23.16B ($3.19B), steered by increase of revenue from international fulfillment solution services and domestic consumer logistics services.
Digital Media and Entertainment revenue rose 36% year-over-year to RMB5.38B ($742M). Alibaba noted that Youkuâs total subscription revenue grew 5% year-over-year mainly due to increasing average revenue per user, and benefiting from high-quality original content.
Buyback: Toby Xu noted that the company bought back $3.1B worth of ADSs in the quarter.
Following the result, other Chinese stocks were also in the green premarket â Baidu (BIDU), Bilibili (BILI), JD.com (JD) were all up between 3% and 5%. 
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