Alibaba reports robust revenue growth in 1st fiscal quarter

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Beijing

China’s e-commerce powerhouse Alibaba’s revenue in the first quarter of the 2020 fiscal year soared by 42 percent year-on-year to 114.9 billion yuan (about 16.7 billion U.S. dollars), the company said on Thursday.
The 1st fiscal quarter in 2020 was from April 1 to June 30, 2019.
According to a financial report released by Alibaba, the net profit of Alibaba in this period was 30.95 billion yuan (4.49 billion U.S. dollars), a sharp increase of 54 percent year-on-year.
The report said that the number of Alibaba’s annual active consumers on Chinese retail marketplaces reached 674 million, an increase of 20 million from the 12-month period ending in March 31, 2019.
Revenue from the company’s core operations of e-commerce increased 44 percent year on year to about 99.5 billion yuan (14.4 billion U.S. dollars), according to the report.—CCTV-PLUS