Quarterly increase of 59% boosts hopes on consumer spending

Alibaba Group Holding Ltd saw 59 percent year-on-year increase in revenue in the quarter ended June, beating analysts' expectations and boosting confidence that consumer spending in China remains strong despite the economic slowdown.

The Hangzhou-based company said on Thursday its revenue totaled 32.15 billion yuan ($4.84 billion), driven by the robust growth of its core e-commerce business and cloud computing.