Chinese online retail giant Alibaba has smashed analyst expectations by reporting a 56 per cent rise in revenues for its first quarter.
In the three months to June 30, revenues rose to 50.1 billion yuan (£5.83 billion), well above analyst estimates of 47.7 billion yuan (£5.55 billion).
Revenues from its core ecommerce business accounted for 86 per cent of the total, increasing from 73 per cent a year prior.
READ MORE: Alibaba on track to post nearly 50% growth
The steady increases in revenue throughout the year have led to a stock price increase of 81 per cent.
“Our technology is driving significant growth across our business and strengthening our position beyond core commerce,” chief executive Daniel Zhang said.