Chinese eCommerce giant Alibaba continues to surprise the tech world, the company announced its financial results for the quarter ended June 30, 2016 with an outstanding 59% revenue growth for the company overall and the 49% revenue growth of China retail marketplaces.
Alibaba says, it saw highest growth rates since IPO. The company reported revenue of US$4,838 million, an increase of 59% year-over-year. China retail marketplaces revenue was US$3,518 million, an increase of 49% year-over-year; and mobile revenue of China retail marketplaces was US$2,635 million, an increase of 119% year-over-year, representing 75% of total China retail marketplaces revenue.
Alibaba also saw huge growth in mobile users. Mobile MAUs in June reached 427 million, an increase of 17 million over March 2016, while annual active buyers on its China retail marketplaces increased to 434 million, a net addition of 11 million annual active buyers from the prior quarter.
Gross merchandise volume (GMV) transacted on Alibab’s China retail marketplaces was US$126 billion, an increase of US$25 billion, or 24% year-over-year, with mobile GMV accounting for 75% of total GMV.
The company’s cloud business is also growing rapidly, with revenue in this quarter increasing 156% year-over-year US$187 million.
Despite its growth in China market, Alibaba fears a prospect of a saturated online retail market in China and has been looking to grow outside its home market. The company revealed a plan to start operation in Bangladesh and couple of other markets early this year.
It has also been investing in a diverse array of businesses, including cloud services, driverless vehicles, digital payment services, ecommerce, AI, and transportation, hoping they can become an eventual source of growth.