Chinese e-commerce giant Alibaba breaks a new sales record.
Alibaba announced a new milestone in the history o the Chinese e-commerce giant. Joe Tsai, Executive Vice Chairman of the Alibaba Group said in a blog post: "Today, with 10 days remaining in our fiscal year ending March 2016, Alibaba's China retail marketplace platforms surpassed RMB 3 trillion in GMV (Gross Merchandise Value). That is about 476 billion in U.S. dollars and, if the platforms we operate were a province, we would rank as the 6th largest provincial economy in China."
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Alibaba tripled its GMV from 2012 to 2016. "The 3 trillion milestone also means that as Alibaba achieves unprecedented scale, we have a responsibility for how economic growth is achieved. Growth is meaningless unless it is sustainable. Thus, we have turned our focus to quality growth and broadening domestic consumption," adds Tsai.
Tsai calls the 3 trillion milestone a gas stop, recognizing the achievement but look forward to the future.
Walmart's fiscal year revenue was about $486 billion. Alibaba might beat that. The company has 10 more days left in its fiscal year.
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Alibaba's Chairman Jack Ma sat down with Mark Zuckerberg last week to talk about virtual reality and other innovations that will shape the future.