The biggest e-commerce business in China is now estimating a rise for its revenue of between 49% and 53% for its ongoing fiscal year, following its acquisition of Cainiao its logistics arm.
Alibaba Group Holdings raised its overall outlook for revenue growth for the full year after posting sales that beat Wall Street estimates boosted by advertisers who invested more to lure in shoppers.
"We had an outstanding quarter", said Zhang.
The firm's shares - which have more than doubled in value this year - were up 3.1 pct in premarket trading and were set to open at a record high. "We are seeing the early results from our efforts to integrate online and offline with our New Retail strategy, and consumers have benefited from access to high quality products, improved customer experience and the tremendous convenience of shopping anytime, anywhere". In September, the company increased its stake in a logistics affiliate Cainiao Smart Logistics Network to 51 percent from 47 percent, paying 5.3 billion yuan for the additional stake. That was better than the mean forecast of 52.2 billion yuan, according to analysts polled by Thomson Reuters.
Internet giant Alibaba reported its profit shot up 146% year-on-year in its latest reporting quarter, powered by continued strong double-digit growth from its core e-commerce business. The quarter just gone is traditionally a quiet once as the firm prepares for the 11/11 shopping bonanza - Alibaba grossed $17.79 billion in GMV on the day a year ago - but Alibaba bucked that trend this time around. Revenue again almost double in the last quarter to reach RMB 3 billion ($447 million), up from RMB 2.4 billion in the previous quarter when it hit one million customers for the first time.
Active consumers reached 488 million for the 12 months ending September, while its mobile monthly active users on the China retail marketplaces reached 549 million, an increase of 20 million over the previous quarter.