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Alibaba reports faster revenue growth

Xinhua, May 6, 2016 Adjust font size:

Chinese e-commerce giant Alibaba on Thursday night announced revenue growth of 39 percent in the fourth fiscal quarter ending March 31.

The revenue of 24.2 billion yuan (3.7 billion U.S. dollars) topped market estimates, pushing Alibaba's share price up by four percent to about 79 U.S. dollars at around 11:40 a.m. EDT in New York.

The revenue growth in the first three fiscal quarters were 28 percent, 32 percent and 32 percent, respectively.

Net income hit 5.3 billion yuan in the fourth fiscal quarter, up 85 percent year on year.

The transactions on Alibaba's marketplaces rose 24 percent year on year to 742 billion yuan in the Jan.-March period.

Alibaba said it will remain focused on its long-term strategic priorities, including global imports, rural expansion, increasing our footprint in first-tier Chinese cities and building a world-class cloud computing business.

Alibaba's shares were under tremendous pressure last year amid worries that a slowing economy could drag down consumer spending, but robust online purchases helped gain some lost ground. Its shares once fell to 57.2 U.S. dollars last October from its record high of 120 U.S. dollars.

The Hangzhou-based company was listed on the New York Stock Exchange in September 2014. Endit