Alibaba Reports Record Growth as Mobile Overtakes Desktop

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Alibaba Group Holding Ltd. reported record growth in their Q2 2015 earnings report, with revenue from mobile customers overtaking desktop sales for the first time in the company’s history. The China-based e-commerce giant reported $4.84 billion in revenue, reflecting 59% increase in year-on-year growth–the highest bump since it’s IPO in September 2014

Alibaba has seen growth in both sales and number of users, reporting a staggering 434 million active buyers. Its cloud-based computing business saw rapid expansion with revenue in this quarter increasing 156% year-over-year to $187 million.

It wasn’t all good news as some of the company’s latest investments were underperforming including it’s food delivery service. Alibaba said its net income fell to $1.14 billion from 4.65 billion a year earlier due to a one-off investment last year in the company’s moviemaking business Alibaba Pictures.

Alibaba also noted that their highest growth market is in its home country of China, despite speculation of an economic slowdown.

“The 59% revenue growth for the company overall and the 49% revenue growth of our China retail marketplaces represent the highest growth rates we’ve achieved since our IPO,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “As we demonstrate from our segmental disclosure, our results reflect the unrivaled strength of our core commerce business, as well as the accelerating traction we are seeing from our cloud computing and digital media and entertainment businesses.”

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