Alibaba Group recently published its results for the first financial quarter of 2019 ended June 30, stating that the group's revenue reached CNY114.924 billion, a year-on-year increase of 42%; and its net profit was CNY21.252 billion, a year-on-year increase of 145%.

If not measured in accordance with US GAAP, its net profit was CNY30.949 billion, representing a year-on-year increase of 54%.

Commenting on the quarterly performance, Alibaba Group's CEO Zhang Yong said that they will continue to enlarge consumer base, improve operating efficiency, and achieve a fast growth. Based on the strong cash flow of core business, Alibaba will continue its investment in technology to help millions of global enterprises realize digital transformation.

Statistics in the financial report showed that Alibaba's Chinese retail platforms, including Taobao and Tmall, had 755 million monthly active mobile users and they had 674 million annual active consumers.

By far, over half of the China A-share market listed companies and 80% of China's technology enterprises use Aliyun's services.

Wu Wei, CFO of Alibaba Group, said that they had a strong opening for the year and they are glad to see that user interactions and consumer expense on their platforms continued to grow. They will continue to invest in long-term growth while improving cost-effectiveness of their investment areas.

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