Chinese e-commerce giant Alibaba Group has recorded a 56% YoY growth in revenue in the quarter ended December 31, 2017, reaching $12,761 million. The growth was mainly driven by the revenue growth of our China commerce retail business, international commerce retail business and Alibaba Cloud, as well as the consolidation of Cainiao Network.

In its quarterly results, Alibaba said that annual active consumers on China retail marketplaces reached 515 million, an increase of 27 million from the 12-month period, while mobile monthly active users reached 580 million in this period. The net increase of 27 million in annual active consumers represents the largest net add in the past 12 quarters. The growth was largely driven by online shopping website Taobao.

Ant Financial

Alibaba also announced to take 33% equity stake in Ant Financial, its fintech affiliate During the December 2017 quarter, Alipay Wallet’s daily active users more than doubled on a year-over-year basis.

Notably, Alibaba’s profit share from Ant Financial declined this quarter, which, the company said, was because of Ant Financial’s aggressive user growth plan during the quarter which increased expenses in return for substantial additions in new users for Alipay Wallet.

Core Commerce

Revenue from core commerce increased 57% year-over-year to $11,257 million. Taobao and Tmall online shopping websites are two of the core commerce enterprises for Alibaba. The company’s annual Global Shopping Festival held in November exceeded last year’s records, with GMV settled through Alipay on marketplaces up 39% YoY to $25.9 billion.

Revenue from international commerce retail business reached $727 million in the quarter, representing 93% YoY growth, driven by the strong growth of  Southeast Asian platform Lazada and global retail marketplace AliExpress.

Cloud Computing

Cloud computing revenue grew 104% YoY to $553 million, driven by growth in paying customers and revenue mix toward higher value-add product, Alibaba said. According to the IDC Semi-annual Public Cloud Services Tracker, Alibaba Cloud was the largest platform-as-a-service (PaaS) player in China based on data in the first half of 2017.

In the December 2017 quarter, Alibaba Cloud launched 396 new products and features. It also took on partnerships with health and beauty retailer Watsons China, automobile manufacturer Geely, and the Beijing Capital International Airport.