New Retail initiatives paying off for Alibaba

New Retail initiatives paying off for Alibaba

Alibaba Group has reported a 56% year-on-year increase in third-quarter revenue, weighing in at 83.03 billion yuan ($13.19 billion). The e-commerce giant ended the quarter with 515 million annual active consumers on its China retail marketplaces. Compared to the 12-month period ended in the prior quarter, it added 27 million annual active consumers, the largest number in the last three years.

“We have made tremendous progress in the execution of our New Retail strategy. As a result, revenues from New Retail initiatives are starting to make meaningful contributions to the growth of our China commerce revenues this quarter,” said Alibaba Executive Vice Chairman Joe Tsai. 

The company also announced it would buy a 33% stake in its payment affiliate Ant Financial. Further details on that here.

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