Alibaba Bucks Economic Trend, Kills it with Huge Surge in Sales

Chinese ecommerce giant, Alibaba, racked up a strong rise in sales as its quarterly revenue shot up 32 per cent, at 22.2 billion yuan. In particular, the mobile revenue performed very well this quarter for the ecommerce platform.

The value of transactions on the website climbed to US$112 billion –that’s an increase of 28 per cent year-over-year.

The news was welcomed by investors who were concerned how Alibaba would fair in the uncertain Chinese economy. Following the news, the company’s shares jumped more than 8 percent in premarket trading.

 
 

“This was a great quarter for Alibaba Group, with strong growth across the board and particular outperformance in mobile,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “We continued our efforts to drive healthy GMV growth, deliver an unparalleled consumer experience and help quality merchants do business on our platform,”

Mobile accounted for 62 per cent of total transactions. The mobile revenue for the quarter totaled $1.65 million, which is a year-on-year increase of 183 per cent.

“We are winning in mobile and remain focussed on our top strategic priorities, including internationalisation, expanding our ecosystem from cities to villages, and building a world-class cloud computing business,” Mr Zhang added.

 
 

Financial reports also showed that the number of annual active buyers grew to 386 million, while mobile MAUs grew to 346 million by the end of September.

The report comes ahead of the upcoming popular Chinese shopping holiday “Singles Day,” similar to Black Friday in the U.S., on Nov. 11.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Share on email

Related