In the first quarter of 2016, Chinese online giant Alibaba‘s turnover grew nearly 40 %, which means it trumps expectations and shows that it is not bothered by China’s slower growth.
Net profit doubled
Alibaba’s total first quarter turnover grew 39 % to 24.18 billion yuan (3.25 billion euro), significantly better than the forecasted 33 % growth. “Our excellent results this quarter reflect the unique strength of our core e-commerce business despite challenging economic conditions,” Alibaba’s chief financial officer Maggie Wu said. The company’s net profit nearly doubled to 2.9 billion yuan (almost 400 million euro).
Alibaba’s platforms, like Taobao and Tmall, attracted 423 million users in the first quarter and these customers traded for nearly 100 billion euros’ worth in items, up 25 % compared to last year. It is surprising to see the company present these numbers in a time where China’s economic growth is at its lowest level in 7 years, analysts remarked.
