Alibaba Beats Expectations With 59% Growth

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Alibaba has reported a 59 percent surge in revenue during their first quarter fiscal earnings, posting the biggest increase since the e-commerce titan listed in 2014.

The company recorded 32.2 billion yuan ($4.8 billion USD) in revenue, outstripping estimates of around $4.5 billion.

Mobile monetization rates also surpassed desktop for the first time ever, with mobile GMV accounting for 75% of Alibaba’s total GMV, up 119 percent over last year. While the change is in line with the shifting ratios of desktop to mobile in China, it also poses a huge challenge for the company, which needs to take into account the smaller ad spaces for mobile devices.

Alibaba’s cloud unit, Alibaba Cloud, also saw healthy growth, taking in 1.2 billion yuan ($187 million USD), up 156 percent from the same period last year. This week Alibaba unveiled plans to target overseas companies with their cloud services, they also sealed a strategic partnership with Taiwanese electronics company HTC to cooperate on VR-related cloud services.

The positive growth figures are a win for the company, which is currently facing an SEC probe into their accounting practices. The company’s stock stumbled briefly in May when the investigation was revealed, which is looking into how the giant reports data from their annual ‘Singles Day’ sales event, often used by the company as an indicator of retail health.