Alibaba’s revenue up 61% in Q1 of 2019 fiscal year


(Photo: CGTN)

Chinese e-commerce giant Alibaba said Thursday that its revenue surged 61 percent year-on-year to 80.92 billion yuan (about 11.77 billion US dollars) in the first quarter of its 2019 fiscal year.

Its core e-commerce business revenue jumped 61 percent year-on-year to 69.19 billion yuan. Gross merchandise volume (GMV) of its online marketplace increased 34 percent year-on-year.

"Alibaba had another great quarter. Strong growth has been posted in our e-commerce business, cloud computing, digital media, and entertainment," said Maggie Wu, CFO of Alibaba Group.

The number of annual active users on its retail marketplaces reached a new high of 576 million, the company said.

The first quarter of its 2019 fiscal year was from April 1 to June 30, 2018.