Alibaba posts 42% gain in quarterly revenue

Alibaba Group Holding beat estimates to report a 42% revenue increase in the second quarter amid signs of slowing growth in China’s economy, said the South China Morning Post.

New York-listed Alibaba on Thursday posted better-than-expected revenue of RMB 114.9 billion ($16.7 billion) in its fiscal first quarter, up from RMB 80.9 billion a year ago, driven by an increase in annual active customers on its China retail platforms. Net income jumped 145% to RMB 21.3 billion in the same quarter.

“Alibaba had a great quarter, expanding our user base to 674 million annual active consumers, demonstrating our superior user experience,” said Daniel Zhang Yong, chief executive of Alibaba, in a statement. “With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.”