Chinese e-commerce group Alibaba reported a better-than-expected 61% rise in revenues for the quarter that ended on March 31 in a statement released Friday. According to Caixin Global, the company attributed the strong results to the good performance of its core e-commerce business.
The New York-listed company generated revenues of RMB 62 billion ($9.7 billion) in the previous quarter, with e-commerce revenues up 62% to reach RMB 51 billion.
Alibaba predicts that revenue will grow a further 60% during the 2019 fiscal year.
The company’s net profits fell 29% year-on-year in the quarter to RMB 7.6 billion, however, which the statement said reflected the company’s increased investment in brick-and-mortar retail, cloud computing and logistics.
For the entire 2018 fiscal year, Alibaba reported a 58% rise in revenue and a 40% increase in profit.