Online shopping giant Alibaba has beaten market expectations as the Chinese retail group posted better than expected quarterly results.
Revenues from the e-commerce and cloud operations rocketed during the three months to 30 June, seeing revenues rise to £13.7bn.
Earnings before interest, taxes, depreciation, and amortization (EBITA) reported a s5% increase with adjustments.
Daniel Zhang, chief executive of Alibaba Group said, “Alibaba had a great quarter, expanding our user base to 674m annual active consumers, demonstrating our superior user experience.
“We will continue to expand our customer base, increase operating efficiency and deliver robust growth.
“With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.”