Alibaba makes over $10 billion in the first quarter of 2018

The Chinese e-commerce giant Alibaba has recently announced a massive 47 percent increase in net profit for the fiscal year of 2017-2018. Ali Baba and Ali express both helped achieve this landmark and due to increasing smartphone transactions on its shopping platform. The online retailer claims, the profit climbed to 63.985 billion yuan which is $10.2 billion boosting a 60 percent rise in revenue from its core business.

The overall revenue of the tech giant climbed 58 percent year-on-year to 250.27 billion yuan, with revenue from cloud computing up 101 percent as well as digital media including entertainment up 33 percent.

Daniel Zhang, Alibaba spokesman said in a statement that,

“Alibaba Group had an excellent quarter and fiscal year, driven by robust growth in our core commerce business and investments we have made over the past several years in longer-term growth initiatives. Looking ahead to fiscal 2019, we expect overall revenue growth above 60 percent, reflecting our confidence in our core business as well as positive momentum in new businesses. During the past year, we also doubled down on technology development, cloud computing, logistics, digital entertainment and local services so that we are in a position to capture consumption growth in China and other emerging markets,”

Alibaba has made the founder Jack Ma, a billionaire and one of China’s richest men. He is also a global e-commerce icon, has been on a roll, regularly beating revenue estimates.

While the Alibaba group has been diversifying its business, the majority of revenue still comes from its online trading platforms such as Ali express, which continued to attract new customers globally where trends and shopping preferences can shift quickly.