Alibaba reports 10% y-o-y rise in Q3 revenue

Alibaba Group has reported that its third-quarter revenue rose 10% year-over-year (y-o-y) to more than $38 billion, as consumers in its ecosystem swelled to 1.28 billion globally.

The e-commerce giant’s annual active consumers (AACs) inside China climbed to 979 million and outside China to 301 million, quarterly net increases of over 26 million and 16 million, respectively.

Alibaba believes it is on track to hit 1 billion AACs in China by 31 March, substantively all the consumers with purchasing power in the world’s second-largest economy.

The company anticipates that: ‘This success will trigger a shift from acquiring new users to retention and boosting average revenue per unit (ARPU).’

Daniel Zhang, the Chairman and Chief Executive Officer of Alibaba Group, said: ‘Alibaba delivered steady progress this quarter as we continued to execute our multi-engine growth strategy.