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E-commerce giant Alibaba revenue surges 54% in 3rd fiscal quarter

Wednesday, 25 January 2017

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HANGZHOU – China’s e-commerce giant Alibaba said on Tuesday that its quarterly revenue had jumped 54% year on year in the third fiscal quarter ending December.

Alibaba revenue was about 53.2 billion yuan ($7.67 billion) in the quarter, beating market expectations.

The robust quarter demonstrated the strength of Chinese consumers and Alibaba’s ability to create value.

Alibaba is the largest player in China’s e-commerce market.

Its core e-commerce revenue increased 45% year on year to reach 46.5 billion yuan in the third fiscal quarter.

Revenue from cloud computing, digital media and entertainment, and innovation initiatives also increased.

Its cloud computing business grew by 115% year on year and reached 1.7 billion yuan.

Source by: Internet

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