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<Research>Citi: BABA-W's 3FQ Results Miss, But Cloud Biz Rev. Growth Accelerates to 36%
Recommend 8 Positive 11 Negative 6 |
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According to a Citi report, BABA-W (09988.HK)'s 3QFY26 results were weaker than expected, with total revenue increasing by 2% YoY to RMB284.8 billion, 1.7% lower than the broker's and the market's expectations. BABA-W saw a YoY plunge of 66.7% in its non-GAAP net profit to RMB17.1 billion, 40% below Citi's forecast. The overall adjusted EBITA of RMB23.4 billion also fell short of Citi's expectation of RMB27.7 billion. The profit margin reahced 8%, compared to 19.6% in the same period of the previous year. The report specifically highlighted the YoY growth of 36% in BABA-W's Cloud Intelligence Group revenue to RMB43.3 billion, which mildly beat both Citi's and the market's expectations, with an in-line profit margin of 9%. Citi has kept a Buy rating on Alibaba Group (BABA.US), with a target price of USD197. AAStocks Financial News |
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