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Revenue soars at Alibaba

Revenue at ecommerce giant Alibaba rose 56% to $7.4bn (£5.7bn) in the quarter to the end of June 2017, driven by a boom in online shopping in its native China.

Revenue from its core commerce business increased 58% year on year to $6.3m (£4.8m) and Alibaba now has 446 million active customers annually, an increase of 12 million from the 12 months to 31 March 2017.

Revenue from its cloud computing business also soared, rising 96% to $359m (£278m) and revenue from digital media and entertainment was up 30% to $603m (£467m.)

“Our technology is driving significant growth across our business and strengthening our position beyond core commerce,” said Daniel Zhang, chief executive officer of Alibaba Group.

Earlier this month, Alibaba teamed up with luxury brand house Kering to stamp out the sale of fake goods on its platform. Kering and Alibaba formed a joint task force to tackle counterfeiting.

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