Alibaba CEO predicts huge sales growth for the current year

Alibaba Group Holding Ltd said on Thursday it expected its explosive sales increases to continue - issuing its first revenue guidance for the current financial year of 45 to 49 percent growth to more than $34 billion, beating analysts' estimates by a huge margin.

That annual sales projection, at an investors conference, compared with 56 percent actual revenue growth posted for its 2017 financial year to end March to 158.3 billion ($23.3 billion), and comes as the internet behemoth moves to consolidate its position in the fierce business-to-customer segment.

At the same investors day last year, the group predicted 48 percent revenue growth for fiscal 2017 and that was subsequently revised up to 53 percent growth.