Alibaba Group Holding Ltd, China’s biggest e-commerce company, said fourth-quarter revenue rose 39 per cent, beating Wall Street estimates, helped by growth in gross merchandise volume.

Revenue rose to 24.2 billion yuan (€3.3 billion) in the quarter ended March 31 from 17.4 billion yuan a year earlier, beating the average analyst estimate of 23.22 billion yuan, according to Thomson Reuters.

“Whatever they are doing must be working, and most importantly it’s a sign that the Chinese consumer may not be weakening quite yet,” said Gil Luria of Wedbush Securities.

Gross merchandise volume (GMV), or the total value of goods transacted on its platforms on China retail marketplaces, rose 24 per cent to 742 billion yuan.

“Alibaba represents a big part of the spend by Chinese consumers and so a re-acceleration in volumes is an indication that the Chinese consumer continues to be strong,” Luria said.

Alibaba has been grappling with a slowdown in the world’s second-largest economy. It is also dealing with signs of maturation after years of breakneck growth for internet businesses as hundreds of millions of people came online.

To that end, Alibaba has sought to expand into areas outside Chinese e-commerce, and last month said it would buy control of Southeast Asian online retailer Lazada Group for roughly $1 billion.

Alibaba’s mobile GMV continued to grow, accounting for 73 per cent of total GMV, up from 68 per cent in the December quarter.

The number of mobile monthly active users rose 42 per cent to 410 million.

Net income rose to 5.31 billion yuan from 2.87 billion yuan a year earlier.