China's e-commerce giant Alibaba announced revenue growth of 59 percent in the first fiscal quarter ending June, the fastest since its Initial Public Offerings.

The revenue of 32.15 billion yuan ($4.85 billion) topped market estimates, pushing Alibaba's share price up by 5 percent to about $92 at around 11:10 a.m. EDT in New York.

Gross Merchandise Volume (GMV) transacted in Alibaba's China retail marketplace was 837 billion yuan (126.27 billion), up by 24 percent year on year.

The number of annual active buyers on China retail marketplace rose to 434 million by the end of the first fiscal quarter.

The mobile revenue of China retail marketplace was 17.5 billion yuan(2.63 billion), representing 75 percent of total China retail marketplace.

The revenue of cloud computing rose by 156 percent, primarily driven by an increase in the number of paying customers.

The revenue from digital media and entertainment business in the quarter was over 3.13 billion yuan(472.3 million), an increase of 286 percent from 821 million yuan(123.89 million) in the same period of 2015.

(Xinhua News Agency August 11, 2016)