Alibaba (NYSE: BABA), the Chinese e-commerce giant continues to grow fast. The company reported second-quarter revenue of USD 12,398 Million on Friday and earnings per share of USD 1.11. This beats analysts expectations of USD 1.08 a share. It’s announced revenue is an increase of 54% year-over-year.

Alibaba shares have increased by 4% in pre-market trading Friday.

Due to the moderate growth of China’s domestic consumption, core commerce of the Company increased by 56 percent. This is lower than last quarter’s 61 percent. However, this met analysts expectations.

Alibaba said in a statement on Friday, “In light of current fluid macroeconomic conditions, we have recently decided not to monetize, in the near term, incremental inventory generated from growing generated from growing users and engagement on our China retail marketplaces...We expect this decision to benefit SMEs [small- to medium-sized enterprises] on our marketplace platforms.” Alibaba will lower its revenue guidance for fiscal 2019 by 4 percent to 6 percent. Alibaba’s revenue guidance for FY 2019 was above 60% growth year over year for FY 2019.

Alibaba’s CFO, Maggie Wu, said on Friday, because of these “challenging times”, it will “not make sense for us to maintain very high revenue growth.”

Jack Ma, Alibaba founder and chairman, wrote in his letter to shareholders on Tuesday, “When it gets difficult to do business, it is precisely the time to fulfill our mission to make it easy to do business anywhere.” He described the global economy as in a “state of turmoil.”