Alibaba Reports 61% Jump in Quarterly Revenue

Chinese e-commerce giant Alibaba Group Holding Ltd. posted better-than-expected 61% growth in revenue for the fiscal fourth quarter ended March 31, fueled by strong e-commerce business, the Hangzhou-based company said Friday.

New York-listed Alibaba said fourth-quarter revenue surged to 61.9 billion yuan ($9.74 billion). Revenue from its core commerce business rose 62% to 51 billion yuan. Management projected 60% revenue growth for the 2019 fiscal year.