The number of new users for its e-commerce platforms Taobao and Tmall reached over 100 million in FY 2018. Handout.

Chinese e-commerce giant Alibaba Group posted 51% year on year revenue growth to 93.5 billion yuan (US$13.6 billion) in the fourth quarter of fiscal year 2018 which ended March 31, 2019, according to a company statement.

That revenue beat analyst expectations by about 91.5 billion yuan, and net income came in at 23.38 billion yuan. The robust rebound came after a disappointing third quarter when the company recorded the slowest growth in three years.

Among all business units, the core e-commerce business and cloud business contributed the most in overall growth. Its cloud computing business revenue climbed by 76% year on year in Q4 to 7.7 billion yuan, while core e-commerce business revenue increased by 54% from a year ago to 78.9 billion yuan.

The number of new users for its e-commerce platforms Taobao and Tmall reached over 100 million in FY 2018. About 77% of the new users are from lower-tier cities and rural areas, it noted.

On the earnings call, CEO Daniel Zhang attributed the impressive results to improved conversion rates — thanks to a new app interface featuring more recommendations and video content, an increase in retailer product launches and general user/shopper growth, Techcrunch reported.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now. 

Leave a comment

Your email address will not be published. Required fields are marked *