Alibaba (NYSE:BABA) has knocked Walmart down a peg and now ranks as the world's largest retail company, according to a new filing with the Securities and Exchange Commission (SEC).
Alibaba hasn't reported results for its fiscal year, but in March, the company said it had achieved $476 billion in gross market value, according to the International Business Times. Walmart reported revenue $482.1 billion for its fiscal year ending Jan 31.
"With 10 days remaining in our fiscal year ending March 2016, Alibaba's China retail marketplace platforms surpassed 3 trillion yuan in GMV. That is about $476 billion and, if the platforms we operate were a province, we would rank as the 6th largest provincial economy in China," said Joe Tsai, Alibaba executive vice chairman, in a blog post.
Like Amazon, Alibaba is focused on developing enterprise solutions including cloud computing and data technologies. "In 2024, we want to be a business platform serving 2 billion consumers and tens of millions of enterprises at home and abroad," CEO Zhang Yong said recently.
Also like Amazon, the company is moving into media. Alibaba bought Hong Kong newspaper South China Morning Post and will make the newspaper's website free for readers and recently opened a virtual reality research lab.
- see this China Daily article
- see this SEC filing
- see this International Business Times story
- see this Alibaba blog post
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