Alibaba says profit up 132pc in ‘outstanding’ quarter

AFP, SHANGHAI: Chinese e-commerce giant Alibaba said yesterday that its net profit soared 132 per cent in an “outstanding” latest quarter, prompting it to raise its projection for full-year revenue growth. Net profit for the three months ending September 30 reached 17.67 billion yuan, ($2.67 billion), up from 7.62 billion yuan in the same period of 2016, the company said.

“We had an outstanding quarter,” Chief Financial Officer Maggie Wu said in a statement.

“This quarter we delivered excellent results, with overall revenue growth of 61 per cent demonstrating the robust momentum in our core commerce business and across the Alibaba economy.” Revenues in the second quarter of Alibaba’s fiscal year came it at 55.1 billion yuan, topping an analyst estimate of 52 billion yuan compiled by Bloomberg News.

Alibaba says profit up 132pc in outstanding quarter

AFP, SHANGHAI: Chinese e-commerce giant Alibaba said yesterday that its net profit soared 132 per cent in an outstanding latest quarter, prompting it to raise its projection for full-year revenue growth. Net profit for the three months ending September 30 reached 17.67 billion yuan, ($2.67 billion), up from 7.62 billion yuan in the same period of 2016, the company said. We had an outstanding quarter, Chief Financial Officer Maggie Wu said in a statement. This quarter we delivered excellent results, with overall revenue growth of 61 per cent demonstrating the robust momentum in our core commerce business and across the Alibaba economy. Revenues in the second quarter of Alibabas fiscal year came it at 55.1 billion yuan, topping an analyst estimate of 52 billion yuan compiled by Bloomberg News.