Alibaba significantly surpassed analyst expectations with its Q3 2016 performance. The eCommerce company says it had $2.47 billion in net income during the quarter and $7.67 billion in revenue. Its revenue figure was up by 54% year-on-year.
Much of the company's revenue was tied to its commerce businesses, including the Taobao marketplace and T-Mall. That section of the company reported $6.71 billion in revenue, up 45%.
Alibaba's marketplaces now have over 493 million active users per month and 443 million active buyers.
Cloud computing is one of the company's fastest growing areas. Its revenue jumped 115% to $254 million in revenue.
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