Alibaba Annual Revenue Leaps 51 Percent

BEIJING–Chinese technology giant Alibaba Group expects to rake in over 500 billion renminbi, or $72 billion, in fiscal 2020, it shared on Wednesday, as the group revealed its top line for the year ended March surged 51 percent, on the back of strong core commerce growth. Revenue for the group overall reached 93.5 billion renminbi, or $13.93 billion, while adjusted EBITDA increased 29 percent year-over-year to 25.17 billion, or $3.75 billion. Non-GAAP net income was 20.06 billion renminbi, or $2.99 billion, an increase of 42 percent year-over-year. “We delivered another strong quarter and excellent fiscal year, led by fiscal year revenue growth of 51 percent as well as robust user growth and engagement across our ecosystem,” said Maggie Wu, chief financial officer of Alibaba Group. “Over the years, our steady profit growth and cash flow have enabled us to strengthen our core business, invest in new businesses and create unique value for our customers. These investments have expanded our total addressable market and positioned us well for long-term growth. Looking ahead to fiscal 2020, we expect revenue to be over 500 billion renminbi, reflecting our confidence and positive momentum going forward.” The core retail business saw a strong uptick in user acquisition thanks to higher

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