Alibaba reports a “great quarter” with a 55% increase in revenues

Alibaba reports a “great quarter” with a 55% increase in revenues

Alibaba has reported that it had a “great quarter” in the period ended 30 September, with revenues up 55% year-over-year at RMB34,292m (US$5,142m). Daniel Zhang, Chief Executive Officer of Alibaba, said: “Alibaba Group had a great quarter. Our results reflect our increasing ability to monetize our 450m mobile users through new and innovative social commerce experiences.”

Maggie Wu, Alibaba’s Chief Financial Officer, added: “We reported robust revenue growth of 55% this quarter, with strong growth in each of our four reporting segments.

“Our highly profitable and cash flow generative core commerce business enables us to invest in our future growth areas of cloud computing, digital media and entertainment and innovation initiatives. We expect each of these businesses to drive longterm value for both our customers and shareholders.”

Click here to access Alibaba’s full statement about its quarterly results.

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