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On Thursday, Chinese e-commerce giant Alibaba reported quarterly sales that beat analysts’ estimates of 23.2 billion yuan, backed by a surge in gross merchandise volume. Fourth-quarter revenue soared 39 percent to 24.18 billion yuan, the highest revenue growth rate for the previous four quarters.

It also earned 3.02 yuan per share; however, it did not surpass the average analyst estimate of 3.60 yuan.

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Shares in the company rose by almost 5 percent in premarket to $79.50.  Its American Depository shares were up 3.5 percent at $78.48.

Alibaba’s performance in its fiscal fourth quarter was also increased by a 175 percent year-on-year growth in its cloud computing and internet infrastructure business.

China’s largest e-commerce company also reported 423 million yearly active buyers, 21 percent higher from 2015. Mobile monthly users went up 42 percent to 410 million, rallying a 149 percent growth in mobile revenue. With the company’s user base growing, Alibaba managed to expand its monetization rate. The blended monetization rate of its China retail marketplaces surged to 2.47 percent from 2.17 percent in the previous year of the same quarter.

Over the past year, the stock had dropped 4.7 percent due to concerns of China’s economic slowdown. According to Nomura Securities analysts, in the midst of those concerns, Alibaba has seen a jump in sales and number of users. Online shopping has remained strong through the first quarter as well.

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Taobao, Alibaba’s online shopping site similar to Amazon and eBay, grew as it went further into rural China in as many as 14,000 villages. The quarterly mobile revenues rallied 149 percent year-over-year to $2.02 billion.

Alibaba Group Holding Ltd. claimed to have finished the fiscal year on a very strong note, surpassing 3 trillion yuan in annual GMV amidst a struggling Chinese economy, and revenue for the year was over 100 billion yuan. CEO Daniel Zhang said: “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.”

The e-commerce juggernaut has also been dealing with signs of maturation after years of rapid growth for Internet businesses as millions of people went online. Alibaba has then sought to expand into areas outside Chinese e-commerce; in the previous month, it has claimed to buy control of Southeast Asian online retailer Lazada Group for approximately $1 billion.