Alibaba revenues increased 61% to RMB 61.9bn (US$9.87bn) for the March quarter, as the e-commerce company’s strong core business continues to deliver growth.
Alibaba’s quarterly results beat out analyst expectations with the core businesses strong performances helping to offset Alibaba’s big spending on new initiatives and new market expansions.
Commerce revenues continued to grow, increasing 62% year-on-year to RMB 51.2bn (US$8.1bn) and cloud computing surged 103% to RMB 4.3bn (US$699m).
Alibaba’s digital media and entertainment business grew 34% year-on-year to RMB 5.2bn (US$840m) and online video platform Youku grew daily average subscribers by 160% year-on-year.
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Source: The Drum
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