Alibaba Group has reported its best revenue growth since its $25bn initial public offering in 2014.
The Chinese e-commerce giant’s revenue surged 59% to $4.84bn for the quarter ending 30 June 2016, from $3.04bn a year earlier.
Mobile revenue from the company’s China commerce retail business increased 119.3% to $2.63bn, while monthly mobile active users increased 39%.
Alibaba CFO Maggie Wu said for the first time, the company acheived higher monetisation of its mobile users than non-mobile users, attributing the growth to Alibaba's focus on mobile.
Net income for the quarter has, however, declined 77% to $1.08bn.
The company’s cloud computing business continued its rapid expansion, with revenue increasing 156% year-over-year to $187m.
Paying customers increased to 577,000, driving revenue growth to 156% year-over-year while narrowing losses.
Alibaba Cloud launched 319 new products and features in the quarter to improve storage, big data and security offerings for its customers.
The company expanded its markets to Japan and Korea in the quarter. Alibaba Cloud and SoftBank established a joint venture to launch cloud computing services in Japan.
Alibaba CEO Daniel Zhang said: “Our results show the scale and leverage of our ecosystem, as we strengthen our competitive positions in core commerce, cloud computing and digital media and entertainment.
“We are changing the way our 434 million active buyers engage with our platform, as we introduce social, community and personalisation driven by smart data into our e-commerce marketplaces, realizing our vision of ‘Live@Alibaba.’”
