Alibaba Group Holding Ltd (BABA) is China’s top e-commerce firm.
Alibaba beat analyst estimates with a 56 percent rise in first-quarter revenue. Their revenues have been driven by strong online sales.
Thursday’s results show why Alibaba Group Holding Ltd one of Asia’s most valuable companies. They continue to derive the lion’s share of its revenue from #e-commerce. Meanwhile the company has enjoyed strong growth in its entertainment and cloud businesses.
Sales on the company’s e-commerce platforms made up 86 percent of revenue in the three months to June 30. Furthermore, this represented an increase of 73 percent a year prior.
BABA is up more than 81 percent this year. The gain was buoyed by company predictions of strong full-year revenue growth of between 45 and 49 percent.