Alibaba smashes expectations with 56% Q1 growth

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alibaba smashes

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.

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