Alibaba's revenue in the first quarter 2017 rose 60 percent

Tinuku ~ Alibaba's e-commerce giant's revenue jumped 60 percent in the first quarter of 2017. This solid revenue growth is supported by strong growth in China's user base. More than 450 million users take advantage of Alibaba for shopping. Alibaba claims the average annual spending rose by a third.

Tinuku Alibaba's revenue in the first quarter 2017 rose 60 percent

Alibaba's revenue in the first quarter of 2017 reached 5.6 billion US dollars. However, investors appear to be dissatisfied with Alibaba's current financial performance that caused the stock to fall by 3 percent.

Alibaba owned by billionaire Jack Ma is the largest online retailer in China. China's business activities accounted for 3.7 billion US dollars or 67 percent for Alibaba revenues.

Alibaba also penetrated into various other services such as media and cloud computing. The same is done the strongest rival Amazon.

libaba also said it would expand its business internationally for more solid growth in the future by forming cooperation with other parties to enter outside the core business area.

Last year they acquired Singapore's Lazada e-commerce and Alibaba's profit in the first quarter reached 1.5 billion US dollars or rocketed 98 percent on an annual basis.

Alibaba Group was established in 1999 when Jack Ma founded the website, a business portal to connect Chinese manufacturers with overseas buyers. In 2012 Alibaba handles 170 billion US dollars in sales.

Jack Ma was born on September 10, 1964 to become the first mainland Chinese to ever appear in Forbes magazine and is listed as a world billionaire. By 2015, he is ranked among the 22 most influential people in the world.