Chinese e-commerce giant Alibaba Group Holdings Ltd (NYSE:BABA) has released its fiscal Q2, 2015 results. It’s the first time the company is reporting its quarterly results since going public in September with its $25 billion blockbuster IPO. Alibaba’s earnings were in line with Wall Street expectations, while revenue was well above the consensus estimate.

Alibaba Group Holding Ltd Q2 Revenue Jumps, Earnings Down

Alibaba’s net income falls 38.6%

The online retailer said at the earnings call that its September quarter revenue jumped 53.7% YoY to $2.74 billion. Analysts polled by Thomson Reuters were expecting $2.61 billion in revenue. Revenue from China commerce retail business soared 47.7% to $2.08 billion, driven by growth in commission revenue and online marketing service revenue. Mobile revenue increased by 1,020.2% (that’s not a typo) to $606 million during the quarter.

Alibaba reported EPS, excluding one-time charges, of 45 cents or $1.16 billion, matching the consensus estimate.However, net income declined 38.6% from last year to $494 million. The company said gross merchandise value (GMV) rose 48.7% YoY to $90.5 billion. Mobile GMV came in at $32.43 billion. That means mobile transactions accounted for 35.8% of total GMV, up from just 14.7% in the same period last year. The increase in mobile GMV was due to more users accessing its platforms Taobao and Tmall through mobile apps.

Alibaba has $17.9 billion in cash

The Chinese giant ended the quarter with $17.9 billion in cash and cash equivalents, up from $7.13 billion at the end of March 2014. Non-GAAP EBITDA margin declined from 59.4% in September 2013 to 50.5% in the latest quarter. Alibaba said the total number of annual active buyers increased from 279 million last year to 307 million in Q2, 2015.

The company’s mobile apps had 217 million monthly active users, up from 188 million users at the end of June, 2014. Founded by Jack Ma in 1999, Alibaba operates the most popular online retail platforms in China, Tmall and Taobao. Last week, its market value surpassed that of Wal-Mart Stores, Inc. (NYSE:WMT). The Chinese company has launched an online retail platform called 11 Main in the U.S.

Alibaba shares plunged 1.32% following the quarterly results in pre-market trading Tuesday.