China's e-commerce giant Alibaba said Thursday that its quarterly revenue jumped 60 percent year on year in the fourth fiscal quarter ending March
The group's revenue was about 38.6 billion yuan ($5.6 billion) in the quarter, beating market expectations, Alibaba said. This was Alibaba's highest quarterly revenue growth since a public initial offering.
The company said that the figure was mainly driven by robust revenue growth across all its segments, "in particular our China commerce retail revenue growth."
Revenue in the fiscal year surged 56 percent to about 158.3 billion yuan year on year, according to Alibaba.China.org.cn
Alibaba revenue surges 60% in 4th fiscal quarter
Chinese online gaming and social networking group Tencent Holdings Ltd is giving its once-dominant archrival Alibaba Group Holding Ltd a run for its money in the battle for market share in the nation's lucrative mobile payment sector.
WeChat, the all-in-one super app, which offers a platform for everything from money transfers to taxi hailing and buying coffee, has garnered 938 million monthly active users, according to Tencent's first-quarter financial report released on Wednesday, doubling and eroding the customer base of Alipay, which Alibaba launched in 2004 to facilitate payments on its Taobao e-commerce platform, and the country's top payment tool by market share.
The company reported profit of 14.4 billion yuan ($2.1 billion) in the first quarter of this year, a record high for Tencent's quarterly earnings. Revenue soared 54.8 percent to 49.6 billion yuan.…Tencent gives Alibaba a run for its moneyChina Daily