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image: Shu Zhang/Reuters

Alibaba revenue soars 61%, topping the FAANG + BAT group

August 23, 2018

Alibaba reported strong first-quarter revenue growth on Thursday morning as its core e-commerce and fast-growing cloud-computing segments provided a boost.

The Chinese e-ecommerce giant said revenue soared 61% year-over-year to 80.9 billion yuan, or about $11.8 billion, edging out the 80.88 billion yuan that analysts surveyed by Bloomberg were expecting.

That revenue growth was well above that of its peers in the so-called FAANG + BAT group, which also includes Facebook, Amazon, Apple, Netflix, the Google parent Alphabet, Baidu, and Tencent. Facebook’s revenue growth was the next highest at 42%.

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