Alibaba says revenue jumped 32% in third quarter, announces strategies for 2016
Chinese e-commerce giant Alibaba Group Holding’s revenue rose 32 percent year-on-year to 34.53 billion yuan ($5.25 billion) in the fiscal third quarter ended December 31, 2015, according to an earnings report released by the company late Thursday.
The Internet titan attributed the increase to the continued rapid growth of the domestic e-commerce retail business, its financial report said.
The company is committed to deliver a good consumer experience and help merchants attract, engage and retain buyers, CEO Zhang Yong was quoted as saying in the report.
“We remain focused on our top strategic priorities, including global imports, rural expansion, increasing our footprint in first-tier Chinese cities and building a world-class cloud computing business,” Zhang said.
Revenue rose compared with the average analyst estimate of 33.33 billion yuan, helped by holiday shopping during the quarter, Reuters reported Thursday.
Gross merchandise volume, or the total value of goods transacted on its platforms, rose 23 percent to 964 billion yuan, the company said.
The company also announced its plans for 2016. It said it will launch the Alibaba Chinese New Year Shopping Festival.
Alibaba’s U.S.-listed shares rose more than 4 percent in opening trading immediately following the company’s announcement.