Alibaba’s revenue jumps 59%, GMV increases by a quarter
(Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd reported a better-than-expected 59% jump in quarterly revenue on Thursday, defying a slowdown in the Chinese economy.
Alibaba’s total revenue rose to 32.15 billion yuan, or $4.84 billion, in the quarter ended June 30 from 20.25 billion yuan a year earlier.
Mobile revenue increased 119.3% to 17.51 billion yuan, while monthly mobile active users increased 39%.
Net income attributable to shareholders fell to 7.14 billion yuan, or 2.94 yuan per share, from 30.82 billion yuan, or 11.92 yuan per share, in the year-earlier quarter.
Alibaba’s gross merchandise volume (GMV), the value of transactions carried out by third-party sellers on the company’s platforms, rose 24.4 to 837 billion yuan.
(Reporting by Rishika Sadam in Bengaluru; Editing by Ted Kerr)