Alibaba revenues surge 54% in first earnings report as a public company




China's ecommerce giant is getting even bigger.

Alibaba's revenue surged by 54% to $2.74 billion in the September quarter thanks in part to strong growth in shoppers, the company announced in its first earnings report since its record-breaking public offering last month. The number of annual active buyers increased to 307 million for the 12 months ending Sept. 30.

"This means that a number of consumers that equals almost the entire population of the United States is shopping annually on our Chinese market places," Joseph Tsai, cofounder and vice chairman of Alibaba, said during the earnings call on Tuesday. He quickly pointed out that this number still represents just half of China's internet population and a quarter of its overall populace. "It highlights significant opportunities we have before us." Read more...

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