By  on May 15, 2019

BEIJING — Chinese technology giant Alibaba Group expects to rake in more than 500 billion renminbi, or $72 billion, in fiscal 2020, it shared on Wednesday, as the group revealed its top line for the year ended March surged 51 percent, on the back of strong core commerce growth.

Revenue for the group overall reached 93.5 billion renminbi, or $13.93 billion, while adjusted EBITDA increased 29 percent year-over-year to 25.17 billion, or $3.75 billion. Non-GAAP net income was 20.06 billion renminbi, or $2.99 billion, an increase of 42 percent year-over-year.

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