BEIJING: Chinese tech and e-commerce giant Alibaba on Friday announced revenue growth of five percent in its latest quarter.
The firm operates some of China’s most widely used online shopping platforms. Alibaba’s revenue during the three-month quarter ending September 30 valued $32.7 billion, the firm announced in a statement at the Hong Kong Stock Exchange, up five percent from a year ago.
“Our revenue growth this quarter was driven by improving monetisation of Taobao and Tmall Group… consistent with our strategy, we continue to invest in our core businesses while enhancing operational efficiency,” said Alibaba’s Chief Financial Officer Toby Xu.
Alibaba and its major domestic competitor JD.com both announced strong performances on this year’s Singles Day, though they withheld detailed sales totals.
JD.com posted accelerated third-quarter growth in a filing on Thursday, with revenue up 5.1 percent from the previous year.
The latest data and results are encouraging signs for Beijing. The new policies have included a debt swap programme to ease the burden on local governments, mortgage rate cuts and the elimination of certain restrictions on home purchases.
Alibaba — founded by entrepreneur Jack Ma in 1999 — launched the biggest restructuring in its history last year, splitting the group into six distinct entities, AFP reported.
According to Alizila, the official news platform of Ali Baba, the Group’s CEO, Eddie Wu, while addressing investors and analysts said this quarter, our core business segments maintained steady growth, guided by our “user-first, AI-driven” strategy.
He said purchase frequency continued to drive gross merchandise value (GMV) growth on our platform, with interoperability initiatives adding new growth impetus.
“We implemented an industry-standard 0.6% software service fee this quarter, while providing certain rebates to SME merchants,” he said.
Eddie Wu said the growth of purchasers will continue and the user growth and retention will subsequently bring more consumption upside in the future.
