Alibaba Still Impresses Wall Street Ahead of Its Own Version of Black Friday
Chinese e-commerce giant Alibaba Group Holding said on Thursday its quarterly revenue climbed 61%, beating analysts’ estimates, helped by growth in its core e-commerce business.
The firm, headed by billionaire entrepreneur Jack Ma, posted 55.12 billion yuan ($8.34 billion) in revenue for the July-September quarter, above a 52.2 billion yuan forecast from analysts polled by Reuters.
Net income more than doubled from a year ago to 17.67 billion yuan, growing at a faster clip than the previous two quarters.
The second quarter is often slower for Alibaba as it prepares for the annual blockbuster Singles’ Day event on Nov. 11, a sales bonanza that shifts more goods than the Black Friday and Cyber Monday sales days in the United States combined.
Alibaba baba , whose Tmall and Taobao shopping platforms dominate online retail in China, saw revenues from its core e-commerce business hit 46.46 billion yuan, a 63% rise from the same quarter a year earlier.
Up next for Alibaba is the “11.11” shopping festival, China’s largest online sales event that acts as a yardstick for the country’s retail appetite. Sales tend to dip in the preceding and following quarters.
Revenue from Alibaba’s fast-growing cloud computing business was 3.0 billion yuan, up 99% but slowing from a 130% rise a year earlier.