Alibaba delivered quarterly earnings and revenue that topped analysts' expectations on Thursday, on a jump in gross merchandise volume.
American depositary shares of Alibaba popped in premarket trading following the announcement. (Click here to track its shares.)
The company also said on Thursday that Chief Executive Jonathan Lu will step down, effective May 10, and would be replaced by Chief Operating Officer Daniel Zhang. Lu will remain on the board as vice chairman.
The Chinese e-commerce giant posted fourth-quarter earnings excluding items of 48 cents per share in the quarter ended March 31. The company's revenue rose 45 percent to $2.81 billion.
Wall Street had expected the company to deliver quarterly earnings per share of 42 cents on $2.77 billion in revenue, according to consensus estimates from Thomson Reuters.
Alibaba's gross merchandise volume (GMV) on China retail marketplaces jumped 40 percent to $97 billion. Mobile GMV continued to grow, accounting for 51 percent of total GMV, up from 42 percent in the December quarter.
About two-thirds of Alibaba's sales still come from its consumer-to-consumer marketplace Taobao, where it primarily earns revenue from advertising and marketing services and charges less for marketing on mobile devices than on computers.