Mobile sales soar for Alibaba
Written by Chris Lemmon
Chinese e-commerce giant Alibaba has released its full fiscal year results, revealing a yearly net income of $11.1 billion. Revenue increased by a third to reach $15.7 billion, with mobile sales accounting for $7.8 billion.
Mobile revenue accounted for 63 per cent of the firm’s Chinese commerce retail revenue, an increase of 182 per cent year-on-year. The trading report suggests that the rise in mobile revenue was due to an increase in gross merchandise volume (GMV) generated on mobile devices, and better monetisation of mobile transactions and usage.
The company registered a 25 per cent increase in international commerce retail to reach $342 million, while international commerce wholesale grew by 15 per cent to reach $841 million. Revenue from Alibaba’s cloud computing and internet infrastructure business was $468 million, a year-on-year increase of 138 per cent.
Daniel Zhang, the Alibaba Group’s chief executive officer, noted: “Alibaba Group finished the fiscal year on a very strong note. In March we surpassed RMB3 trillion in annual GMV and our revenue for the year was over RMB100 billion. We achieved strong growth in mobile users, active buyers and transactions.”
Alibaba – the world’s biggest e-commerce company – uses the Alipay payments platform operated by sister company Ant Financial, which last month raised a record $4.5 billion private funding round.