Alibaba Group records 39% year-over-year revenue growth

RetailME Bureau

Chinese e-commerce company Alibaba completes its full-fiscal year 2016 as well as the quarter ended March 31, 2016 on a strong note.

The group posted a 39% year-over-year rise in revenue reaching RMB24,184 million ($3,751 million), while mobile revenue was worth RMB13,084 million ($2,029 million), a 149% increase year-over-year.

“In March we surpassed RMB3 trillion in annual GMV and our revenue for the year was over RMB100 billion. We achieved strong growth in mobile users, active buyers and transactions,” shares Daniel Zhang, CEO, Alibaba Group.

“Our excellent results this quarter reflect the unique strength of our core e-commerce business despite challenging economic conditions as well as the emerging momentum of our balanced portfolio of businesses from mobile media to cloud computing. As a result, we achieved accelerating year-over-year revenue growth of 39%, which was the highest revenue growth rate for the past four quarters,” says Maggie Wu, chief financial officer of the Alibaba Group.

“With several consecutive quarters of increases in revenue per active buyer and revenue per mobile MAU, we showcase the resiliency and growing clout of Chinese consumers. This bodes well for our business as our annual active buyers on our China retail marketplaces increased to 423 million,” Wu adds.

“Our focus on long-term strategic priorities – globalisation, rural expansion, building a world-class cloud computing business and creating a comprehensive media and entertainment platform – has laid a strong foundation for future growth,” Zhang asserts.