Boom Time
Jack Ma’s Alibaba has reported a 51 per cent increase in its first quarter revenue as compared to the same period last year. The company posted overall revenue of 50.1 billion yuan in the first quarter. Its net profit saw a yearon-year increase of 94 per cent and stood at 14.7 billion yuan. The high earnings are attributable to the growth in its mobile users and paid cloud computing customers. The stocks of the company climbed to all-time high after the earnings were reported. If the growth continues, its stocks may once again surpass Amazon’s, making it the most valued retailer online.