Alibaba Group Holding (NYSE: BABA) reported its third quarter financial results on Friday morning. The Company topped analysts’ revenue and earnings estimates, which sent shares higher by 1.3%.

For the quarter, Alibaba reported earnings of RMB 13.10 (USD 1.83) per share on revenue of RMB 119 Billion (USD 16.7 Billion). FactSet analysts anticipated earnings of RMB 10.75 per share on revenue of RMB 117 Billion.

Alibaba witnessed its revenue surge by 40% year-over-year, driven by the growth of its annual active consumers and mobile monthly active users (MAUs).

Additionally, the Company reported net income of RMB 69.2 Billion (USD 9.89 Billion), which included a one-time gain recognized upon the receipt of the 33% equity interest in Ant Financial. Excluding the charge, Alibaba reported earnings of RMB 32.75 Billion (USD 4.58 Billion), representing a 40% increase year-over-year.

Annual active consumers grew by 19% year-over-year to 693 million on the Company China retail marketplaces. Mobile MAUs increased by 30 million from the same quarter a year ago to 785 million.

Alibaba’s cloud computing segment reported revenues of RMB 9.29 Billion (USD 1.3 Billion), increasing by 64% year-over-year. The segment was primarily driven by an increase in average revenue per customer. As of August 2019, Alibaba reported that 59% of companies listed in China are customers of Alibaba Cloud.

 “Our digital economy continues to thrive and prosper. We aim to serve over one billion annual active consumers and help our merchants achieve over RMB10 trillion in annual gross merchandise volume by end of fiscal 2024. We will continue to invest in the user experience and innovative technology to create new value for consumers, as well as the millions of enterprises undergoing digital transformation in the new digital economy,”  said Daniel Zhang, Executive Chairman and Chief Executive Officer of Alibaba Group.

Following Alibaba’s quarterly financial result, shares are now up 30.5% this year.