LINE

Text:AAAPrint
Economy

Alibaba reports faster revenue growth

1
2016-05-06 07:57Xinhua Editor: Mo Hong'e

Chinese e-commerce giant Alibaba on Thursday night announced revenue growth of 39 percent in the fourth fiscal quarter ending March 31.

The revenue of 24.2 billion yuan (3.7 billion U.S. dollars) topped market estimates, pushing Alibaba's share price up by four percent to about 79 U.S. dollars at around 11:40 a.m. EDT in New York.

The revenue growth in the first three fiscal quarters were 28 percent, 32 percent and 32 percent, respectively.

Net income hit 5.3 billion yuan in the fourth fiscal quarter, up 85 percent year on year.

The transactions on Alibaba's marketplaces rose 24 percent year on year to 742 billion yuan in the Jan.-March period.

Alibaba said it will remain focused on its long-term strategic priorities, including global imports, rural expansion, increasing our footprint in first-tier Chinese cities and building a world-class cloud computing business.

Alibaba's shares were under tremendous pressure last year amid worries that a slowing economy could drag down consumer spending, but robust online purchases helped gain some lost ground. Its shares once fell to 57.2 U.S. dollars last October from its record high of 120 U.S. dollars.

The Hangzhou-based company was listed on the New York Stock Exchange in September 2014.

 

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.