Alibaba’s revenue up 61pc in Q1

Hangzhou

Chinese e-commerce giant Alibaba said that its revenue surged 61 percent year on year to 80.92 billion yuan (about 11.77 billion U.S. dollars) in the first quarter of its 2019 fiscal year. Its core e-commerce business revenue jumped 61 percent year on year to 69.19 billion yuan. Gross merchandise volume (GMV) of its online marketplace Tmall increased 34 percent year on year. “Alibaba had another great quarter. Strong growth has been posted in our e-commerce business, cloud computing, digital media, and entertainment,” said Maggie Wu, CFO of Alibaba Group. The number of annual active users on its retail marketplaces reached a new high of 576 million, the company said.—Xinhua

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