Alibaba’s revenue rises 39 percent as more shoppers buy online

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Alibaba Group Holding Ltd, China’s biggest e-commerce company, said fourth-quarter revenue rose 39 percent, helped by growth in gross merchandise volume.

Revenue rose to 24.2 billion yuan ($3.7 billion) in the quarter ended March 31 from 17.4 billion yuan a year earlier.

Gross merchandise volume (GMV), or the total value of goods transacted on its platforms on China retail marketplaces, rose 24 percent to 742 billion yuan.

Net income attributable to shareholders was $832 million, or 33 cents per share.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Savio D’Souza)