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Alibaba revenue grows 61% year-on-year in Q1FY19

Alibaba

Chinese conglomerate Alibaba Group has reported a 61% YoY growth in revenue in the quarter ended June 30, 2018 to $12.29 billion. The growth was mainly attributed to the robust performance of its core e-commerce and its cloud-computing businesses. Alibaba said that during the quarter, annual active consumers on their retail marketplaces (in China) reached 576 million, an increase of 24 million from an year ago, while mobile monthly active users reached 634 million from about 617 million a quarter ago. However, as was largely expected, the company’s net income fell 41% to $1.31 billion in the quarter ending June, owing to a ‘one-time increase in share based compensation expense to its subsidiary, Ant Financial. Excluding this one-time payment, the company said its net income rose 33% from a year ago. Core Commerce Alibaba's core commerce business, which focuses on its online shopping…

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