Alibaba announced a strong finish to its financial year, beating its annual target with the strongest quarterly sales growth since its IPO. The company also announced plans to buy back up to USD 6 billion in shares over the next two years., according Telecompaper. Revenues for the three months to March rose 60 percent to CNY 38.579 billion (USD 5.605 billion), driven by its expansion in cloud and media services and 47 percent sales growth in its core e-commerce business. Growth in e-commerce was driven both by more users, especially over mobile, as well as higher spending per user. Over the full year, sales increased 56 percent to CNY 158.273 billion, slightly better than the already increased target of 53 percent growth.
Quarterly adjusted EBITDA increased 44 percent to CNY 16.597 billion, and net profit rose 85 percent to CNY 9.852 billion, supported by a growing contribution from Ant Financial and investment gains. Adjusted free cash flow jumped to CNY 7.980 billion from CNY 4.388 billion a year ago, and Alibaba finished the year with total cash of CNY 146.747 billion.