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The
company's American Depository shares were up 3.5 percent at
$78.48 on Thursday.
Revenue rose to 24.2 billion yuan ($3.7 billion) in the quarter
ended March 31 from 17.4 billion yuan a year earlier, beating
the average analyst estimate of 23.22 billion yuan, according to
Thomson Reuters I/B/E/S.
"Whatever they are doing must be working, and most importantly
it's a sign that the Chinese consumer may not be weakening quite
yet," said Gil Luria of Wedbush Securities.
Gross merchandise volume (GMV), or the total value of goods
transacted on its platforms on China retail marketplaces, rose
24 percent to 742 billion yuan.
"Alibaba represents a big part of the spend by Chinese consumers
and so a re-acceleration in volumes is an indication that the
Chinese consumer continues to be strong," Luria said.
Alibaba has been grappling with a slowdown in the world's
second-largest economy. It is also dealing with signs of
maturation after years of breakneck growth for Internet
businesses as hundreds of millions of people came online.
To that end, Alibaba has sought to expand into areas outside
Chinese e-commerce, and last month said it would buy control of
Southeast Asian online retailer Lazada Group for roughly $1
billion.
Alibaba's mobile GMV continued to grow, accounting for 73
percent of total GMV, up from 68 percent in the December
quarter.
The number of mobile monthly active users rose 42 percent to 410
million.
Net income rose to 5.31 billion yuan from 2.87 billion yuan a
year earlier.
Non-GAAP net income, Alibaba's preferred measure for earnings,
shrank 1.4 percent to 7.6 billion yuan from the previous year -
its first recorded decline.
Excluding items, the company earned 3.02 yuan per share, missing
the average analyst estimate of 3.60 yuan.
Alibaba's U.S.-listed shares had fallen about 7 percent this
year through Wednesday's close of $75.82.
(Reporting by Supantha Mukherjee in Bengaluru, Paul Carsten in
Beijing and John Ruwitch in Shanghai; Editing by Savio D'Souza
and Saumyadeb Chakrabarty)
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