Alibaba revenue up 40% in Q3

China’s e-commerce giant Alibaba Group on Friday reported a year-on-year revenue growth of 40% to 119 billion yuan (about $16.9 billion) for the quarter ended Sept. 30.

The company’s net income attributable to ordinary shareholders was 72.54 billion yuan, soaring 262% compared with the same period last year.

The profit surge was mainly due to a one-time gain of 69.2 billion yuan upon the receipt of equity interest as Alibaba became a 33% equity stakeholder in Ant Financial in September, the company said.

Alibaba’s annual active consumers on Chinese retail marketplaces reached 693 million. Mobile monthly active users on Chinese retail marketplaces reached 785 million in September, an increase of 30 million over June.

Daniel Zhang, executive chairman and CEO of Alibaba Group, said the company aims to serve more than 1 billion annual active consumers and help its merchants achieve over 10 trillion yuan in annual gross merchandise volume by the end of the 2024 fiscal year.

Zhang also noted that Alibaba would continue to invest in user experience and innovative technology to create new value for consumers and enterprises.

Alibaba Group celebrated its 20th anniversary in September.

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