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.