Alibaba Q1 2018 earnings

The Chinese titan said that an increase in the monthly active users of his Taobao app and the & # 39; new retail strategy & # 39; has contributed to growth. New retail includes its physical stores called Hema, as well as the food delivery service that Alibaba now owns.

Alibaba has tried to strengthen the division by entering into striking partnerships with major US consumer brands. Earlier this month, luxury jeweler Tiffany & Co said it would sell products on the Alibaba Tmall site. And Kroger said it would sell some products on Tmall.

But Alibaba is not just an e-commerce player. It has driven its cloud activities in recent years and although it is still a small part of the total revenue, the growth is huge. The revenues from cloud computing amounted to 4.7 billion yuan, an increase of 93 percent compared to the previous year.

The company has opened new data centers around the world and launched new products in key markets such as Europe to increase market share and revenue.

"The exceptional growth in our core business segments of core commerce, cloud computing and digital media and entertainment confirms our strategy of investing in customer experience, product, technology and infrastructure for the future," said Maggie Wu, chief financial officer at Alibaba, in a statement Thursday.

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