Chinese e-commerce company Alibaba reported a better-than-expected 54 percent rise in third-quarter revenue, helped mainly by higher sales during its Single's Day shopping event.
Alibaba's revenue was 53.25 billion yuan ($7.67 billion) for the three months ended Dec. 31, compared with analysts' average estimate of 50.10 billion yuan, according to Thomson Reuters I/B/E/S.
Revenue from Alibaba's core e-commerce business increased 45 percent, more than the 41 percent jump in the previous quarter.
Net income attributable to the company's shareholders increased 43 percent to $2.57 billion, or $1 per share.
Wall Street expected Alibaba to report fiscal third-quarter earnings of $1.13, or 7.72 Chinese yuan per share, adjusted, on revenue of $7.32 billion, or 50.1 billion Chinese yuan, according to a Thomson Reuters consensus estimate.
As of the end of September, the Chinese e-commerce platform had more than 450 million mobile monthly active users of its properties, including Tmall, a marketplace for international brands, and Taobao, a Chinese e-commerce platform similar to eBay.
The tech giant has also expanded its efforts into new areas, including cloud computing and entertainment.
Executive chairman Jack Ma has made headlines for meeting with president Donald Trump, with whom he discussed an aggressive U.S. expansion plan that would support up to a million U.S. jobs.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.