Alibaba posts fastest growth: Nets USD 4.85 billion in first fiscal quarter

China's e-commerce giant Alibaba has recorded a revenue growth of 59 per cent amounting to USD 4.85 billion in the first fiscal quarter ending June, the fastest since its Initial Public Offerings.

The revenue of 32.15 billion yuan (USD 4.85 billion) topped market estimates, pushing Alibaba's share price up by 5 per cent to about USD 92 in New York.

Gross Merchandise Volume (GMV) transacted in Alibaba's China retail marketplace was 837 billion yuan (USD 125 billion), up by 24 per cent year on year, state-run Xinhua news agency reported.

The number of annual active buyers on China retail marketplace rose to 434 million by the end of the first fiscal quarter.

The mobile revenue of China retail marketplace was 17.5 billion yuan (USD 2.6 billion) , representing 75 per cent of total China retail marketplace.

The revenue of cloud computing rose by 156 per cent, primarily driven by an increase in the number of paying customers.

The revenue from digital media and entertainment business in the quarter was over 3.13 billion yuan, an increase of 286 per cent from 821 million yuan in the same period of 2015.