Alibaba Group Holding Limited (NYSE:BABA) Q1 2020 Earnings Conference Call - Final Transcript
Aug 15, 2019 • 07:30 am ET
to $6 billion over a period of two years.
I will also talk about Altaba, sales of our ADS. As publicly disclosed, Altaba started selling their Alibaba shares on May 20th 2019. And so far they have already sold 261 million ADS, only have 22 million left. These are all based on the most recent publicly available information.
Looking ahead, the Alibaba digital economy continues to show resilience and steady growth in the face of complex geopolitical and economic conditions. We had a strong quarter to start our fiscal year with revenue growing faster than our global technology peers.
We are pleased to see sustained user engagement and consumer spending across our platform. We continue to invest for longer-term growth, while at the same time gaining cost efficiencies in our investment areas. Looking ahead, for the next few quarters, we expect our China retail marketplace to exhibit strong user growth and user engagement enhancement that support healthy monetization and steady profit growth.
The sizable profits generated from marketplace-based core commerce allow us to invest in strategic businesses, including local consumer services, digital entertainment, international marketplaces, New Retail, logistics and cloud computing. We will remain proactive in our approach to increase market leadership in strategically important businesses, while also improving overall Group's operating efficiency. These strategic businesses have already become the clear market leaders in the past quarters. We believe there are still great potential in high growth areas that will substantially increase our total addressable market.
I also want to give some information for our Investor Day this year. We would like to announce that our 2019 Investor Day will be held on September 23rd to 24th in Hangzhou, China. We hope to provide investor business update, as we did in previous Investor Days. Details will be posted on the Investor Relationship section of Alibaba Group's website.
That concludes our prepared remarks. Let's open up for questions. Thank you.
So, operator, open for questions.