Jack Ma is Alibaba's chief executive. (Photo : Getty Images)
Chinese e-commerce giant Alibaba announced its biggest earnings to date and is expected to grow even bigger with its latest acquisitions.
According to Alibaba Executive Vice Chairman Joe Tsai, the company generated a total quarterly revenue of 32.14 billion yuan ($4.84 billion) for the last three months. This is an increase of 59 percent from 2015 and is the biggest revenue growth Alibaba experience since 2013, Reuters reported.
The figure was also higher than the 30.17 billion yuan revenue growth predicted by analysts.
Tsai attributed the growth to the significant increase in mobile shopping, which has overtaken that of purchasing through PCs for the first time. Investors were initially skeptical as to whether it could happen.
He also said that, while Alibaba's gross domestic volume (GMV) growth remains slow, the company was still able to generate a significant amount of revenues from other sources, including online advertising.
The company's AliCloud cloud computing business also posted significant growth, increasing by 156 percent year-over-year increase.
The revenue growth has also contributed to pulling the price of Alibaba's stocks up by 5 percent to $92.10 in the New York stock exchange. This is also the highest it has been in a year.
Due to the positive growth it has been experiencing, Alibaba has also increased acquisition of assets. Recently, the company acquired Singaporean online shopping company Lazada, which is expected to extend Alibaba's reaches to Southeast Asia, Market Watch reported. It has also acquired local video streaming website Youko Tudou, increasing its presence in China's online media.
Meanwhile, the company did not comment about the probed being conducted by the Securities and Exchange Commission of its accounting practices. The SEC has earlier announced the probe to look into alleged inconsistencies in the data from its annual Singles' Day shopping event, which Alibaba used as a measure of its success.
