Sales at Chinese e-commerce giant Alibaba jumped 56% in the last quarter of 2017 thanks to record spending during its Singles Day promotion.
Revenue for Q4 totalled ¥83.0bn (£9.3bn), up from ¥53.2bn in Q4 2016, producing net income of ¥23.3m.
A major contributor to the spending boom was Singles Day, something akin to a Valentine’s Day, on 11 November – what Alibaba calls its Global Shopping Festival – which generated total sales of ¥168.2bn, an increase of 39% on 2016.
At its peak, Alibaba Cloud processed 325,000 orders per second across 225 countries, with 1.48 billion payment transactions.
The Q4 results saw big gains across all core divisions:
- Revenue from core commerce increased 57% year-on-year to ¥73,244m
- Revenue from cloud computing rose 104% to ¥3,599m
- Revenue from digital media and entertainment increased 33% to ¥413m
- Revenue from innovation and other initiatives rose 9% to ¥772m
The number of annual active consumers in Alibaba’s China retail marketplace reached 515 million, an increase of 27 million on the 12-month period ended September 30, 2017.
“Alibaba had another great quarter driven by the continued strength of the Chinese consumer and the wide and innovative range of services we provide for merchants and consumers,” said Alibaba’s chief executive Daniel Zhang.
“We are excited by the continued momentum in New Retail, which came to life during another record-breaking 11.11 Global Shopping Festival.
“We expanded the scale and footprint of our New Retail initiatives with the vision of delivering true convergence of the online and offline consumer experience through mobile and enterprise technology.”