Alibaba reports FY2016 results

Chinese online behemoth Alibaba has reported that its revenue for the financial year 2016 was more than RMB100bn. Revenues for Q4 ended 31 March was 24.184bn (US $3.75bn), equating to an increase of 39% year on year since 2015.

Daniel Zhang, Chief Executive Officer of Alibaba Group, said of the results “Alibaba Group finished the fiscal year on a very strong note. In March we surpassed RMB3 trillion in annual GMV and our revenue for the year was over RMB100bn. We achieved strong growth in mobile users, active buyers and transactions.

“Our focus on long-term strategic priorities – globalization, rural expansion, building a world-class cloud computing business and creating a comprehensive media and entertainment platform – has laid a strong foundation for future growth.”

Maggie Wu, Chief Financial Officer of Alibaba Group said, “Our excellent results this quarter reflect the unique strength of our core e-commerce business despite challenging economic conditions, as well as the emerging momentum of our balanced portfolio of businesses from mobile media to cloud computing. As a result, we achieved accelerating year-over-year revenue growth of 39%, which was the highest revenue growth rate for the past four quarters. With several consecutive quarters of increases in revenue per active buyer and revenue per mobile MAU, we showcase the resiliency and growing clout of Chinese consumers. This bodes well for our business as our annual active buyers on our China retail marketplaces increased to 423 million.”