Chinese e-commerce giant Alibaba Group Holding Ltd reported a better-than-expected 59 percent 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 percent to 17.51 billion yuan, while monthly mobile active users increased 39 percent.
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 percent to 837 billion yuan.