p Alibaba has posted another strong quarter of growth with total revenues up 60% to RMB 38.6bn ($5.6 bn) as its customer base reached half a billion people.
The ecommerce giant’s first quarter results revealed revenues from Alibaba’s core commerce business, which includes the Taobao and Tmall marketplaces, increased 47% year-on-year to RMB 31.6bn ($4.6bn).
Alibaba’s investments in new business areas, such as entertainment, digital media and cloud computing, appear to be paying off with revenue growth across the board.
However, while revenues exceeded expectations, Alibaba’s earnings fell short of forecasts with the company posting net income of RMB 9.9bn ($1.4bn) and adjusted EBITDA of RMB 16.6bn ($2.4 bn).
Alibaba’s digital media and entertainment businesses increased 234% year-over-year to RMB 3.9bn ($571m).
The growth reflects the consolidation of video streaming platform Youku Tudou, which Alibaba acquired in 2015, and the content sharing deal it inked with Amblin Entertainment in October.