Alibaba announces a “great quarter”

Alibaba Group Holding has announced its financial results for the quarter ended June 30, 2019.

The company reported a strong quarter with revenue at RMB114,924 million (AUD$24,728million), an increase of 42% year-over-year.

“Alibaba had a great quarter, expanding our user base to 674 million annual active consumers, demonstrating our superior user experience. We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally,” Daniel Zhang, Chief Executive Officer of Alibaba Group said.

“We had a strong quarter to start our fiscal year, with revenue growing 42 per cent and adjusted EBITDA growing 34 per cent year-over-year. We are pleased to see sustained user engagement and consumer spending across our platforms. We continue to invest for longterm growth while at the same time gaining cost efficiencies in our investment areas,” Maggie Wu, Chief Financial Officer of Alibaba Group said.