Alibaba Group Holding Ltd. said it would continue to step up its investments after reporting a better-than-expected 59% surge in fiscal first-quarter revenue, its biggest gain since its $25 billion initial public offering two years ago, The Wall Street Journal reports. Despite fears of an economic slowdown in China, the Chinese e-commerce giant has seen an increase in sales and number of users, as well as rapid growth in its cloud-computing business. Revenue for the three months ended June 30 surged to 32.15 billion yuan ($4.84 billion) from 20.25 billion yuan, with revenue from its China retail marketplaces including Taobao and TMall rising 49% from a year earlier.
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