Alibaba Group Holding Ltd's (NYSE: BABA) quarterly revenue rose 45%, beating analysts' expectations, as the Chinese e-commerce company reported a jump in gross merchandise volume.
The company also said on Thursday that Chief Executive Jonathan Lu will step down, effective May 10, and would be replaced by Chief Operating Officer Daniel Zhang. Lu will remain on the board as vice chairman.
Alibaba's revenue jumped to $2.81 billion in the quarter ended March 31, beating the average analyst estimate of $2.77 billion U.S., according to Thomson Reuters I/B/E/S.
The company earned $463 million U.S., or 18 cents per share. Excluding items, the company earned 48 cents per share, beating the 42 cents analysts estimated.
Alibaba's gross merchandise volume (GMV) on China retail marketplaces jumped 40 percent to $97 billion. Mobile GMV continued to grow, accounting for 51 percent of total GMV, up from 42% in the December quarter.
About two-thirds of Alibaba's sales still come from its consumer-to-consumer marketplace Taobao, where it primarily earns revenue from advertising and marketing services and charges less for marketing on mobile devices than on computers.
Alibaba's American Depository Shares climbed $7.55, or 9.4%, to $87.55 U.S., within a 52-week trading range from $77.77 U.S. to $120.00 U.S.
