Alibaba Group reported its financial results for the quarter ended September 30 on Tuesday, beating Wall Street expectations as its revenue jumped 32% to $3.5 billion. EPS was $0.57.

Gross merchandise volume (GMV), which refers to the total sales value for merchandise sold, was particularly good at $112 billion, up $25 billion from the same period last year.

The company boasted 386 million active buyers over the past year, which is up from 36 million for the same period a year ago. It reported 346 million mobile monthly active users, which is up 59% year over year (and 13% quarter over quarter).

“This was a great quarter for Alibaba Group, with strong growth across the board and particular outperformance in mobile. We continued our efforts to drive healthy GMV growth, deliver an unparalleled consumer experience and help quality merchants do business on our platform,” said CEO Daniel Zhang. “We are winning in mobile and remain focused on our top strategic priorities, including internationalization, expanding our ecosystem from cities to villages, and building a
world-class cloud computing business.”

CFO Maggie Wu added, “We had very strong results this quarter. GMV grew to US$112 billion, a year-on-year increase of US$25 billion in this quarter. We also made significant progress in monetization and our revenue growth accelerated. Meanwhile, we generated strong free cash flow of US$2.1 billion this quarter. The fundamental strength of our business gives us the confidence to invest in our strategic priorities.”

The company saw a 128% year-over-year increase in revenue from its cloud computing and Internet infrastructure business, which brought in $102 million.

Alibaba Group claims to have made significant progress on monetization, which it says reflects its focus on “high-quality merchants and delivering better value proposition” to them.

Alibaba Group shares quickly jumped 10% when the results were released.