---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/44228192.md"
description: "Alibaba shared a preliminary preview for next quarter with the market this morning. Overall looks solid: cloud is tracking higher on growth and margin as expected, and e-comm is still bottoming but not deteriorating further.Details follow. Highlights are below.1) Cloud: Sep Q revenue expected to grow >50% vs. +45% in Jun Q. External revenue growth is running ahead of overall, broadly in line with prior expectations.Margin is the standout. EBITA margin is seen around ~15% vs. 12% last quarter, slightly ahead of the expected pace and moving quickly toward the 20% long-term target.2) E-comm: Sep Q CMR expected to decline mid-single-digit % YoY vs. -7.5% in Jun Q. Excluding definition/scope changes, roughly +1%, broadly similar to last quarter. At least no worse.Domestic e-comm EBITA expected roughly flat YoY, vs. ~3–4% decline last quarter. This also suggests a bottoming-and-recovery trend, with platform subsidies trimmed.3) Food delivery: Sep Q loss approx. RMB 9 bn, slightly narrower than RMB 10 bn last quarter. A neutral print.4) New AI Lab (model R&D and Qianwen consumer and enterprise businesses): Sep Q loss expected at RMB 10–11 bn, a modest improvement vs. last quarter. Also neutral.5) No equity financing in FY27; other alternatives will be considered. In other words, no direct share dilution.$Alibaba(BABA.US)"
datetime: "2026-10-08T03:54:58.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/44228192.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/44228192.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/44228192.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# Alibaba shared a preliminary preview for next quar…


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## Comments (1)

- **Fattycat · 2026-10-08T08:34:51.000Z**: Thanks for sharing


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**