Alibaba reports 61% leap in revenues

Chinese retail and logistics giant Alibaba has reported a 61% leap in revenues for the quarter that ended on 30 September. Revenues for the quarter were RMB55.122bn (USD $8.29bn).

In a statement earlier this week, Daniel Zhang, Chief Executive Officer of Alibaba Group, said: “We had an outstanding quarter. Our consumer insights and technology innovation were the key drivers behind our customer value proposition across the Alibaba economy.

“We are seeing the early results from our efforts to integrate online and offline with our New Retail strategy, and consumers have benefited from access to high quality products, improved customer experience and the tremendous convenience of shopping anytime, anywhere.”

Alibaba saw some impressive growth in its international business. According to the company: “Our cross-border and international consumer businesses continue to exhibit robust growth.

“Revenue from our international commerce retail business reached RMB2,878m (US$433m) in the quarter ended September 30, 2017, representing a 115% year-on-year growth, driven by strong growth in our Southeast Asian platform Lazada and our China outbound platform AliExpress.

“The growth of Lazada and AliExpress further expands our customer base outside China.”

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