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Alibaba Revenue Defies Expectations

Chinese e-commerce company Alibaba Group's quarterly revenue skyrocketed 45% to $2.81B in the wake of its transition to mobile transactions. That number not only exceeds the $2.77B average analyst estimate, but also surpassed transactions from personal computers for the first time. This happens as Alibaba's total growth was the lowest in at least 11 quarters, Reuters reports. In fact mobile device transactions accounted for 51% of overall gross merchandise volume (GMV). Meanwhile, on May 10, COO Daniel Zhang (pictured) will replace CEO Jonathan Lu as the company shifts its focus to mobile customers. [Reuters]

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