China's Alibaba Group Holding Ltd beat analysts' estimates for fourth-quarter revenue on Wednesday, boosted by growth in its core e-commerce and cloud computing businesses.
Alibaba makes money primarily by selling advertising and promotional services to third-party merchants that list products on Taobao and Tmall, two of its e-commerce sites.
The business boomed in tandem with internet adoption and mobile phone penetration in China.
Alibaba's revenue rose to 93.50 billion yuan (€12.14 billion) for the three months ended 31 March, beating estimates of 91.58 billion yuan (€11.89 billion), according to IBES data from Refinitiv.
Revenue from the company's cloud computing business rose 76% in the reported period.
Alibaba is the world's third-largest cloud service provider, after Microsoft Corp and Amazon.com Inc, and the largest in China with a market share of over 40%, according to data from IDC.
Net income attributable to ordinary shareholders rose to 25.83 billion yuan (€3.35 billion) from 7.56 billion yuan (€980 million) in the fourth quarter.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.