Alibaba posts strong revenue growth in second fiscal quarter
Updated: 2016-11-03 08:48
Jack Ma, chairman of Alibaba Group, speaks at the Computing Conference 2016 in Hangzhou, East China's Zhejiang province, Oct 13, 2016. [Photo/IC]
HANGZHOU - China's e-commerce powerhouse Alibaba posted robust revenue growth for its second fiscal quarter ending Sep 30, according to results announced on Wednesday night.
The group's revenue growth rose 55 percent year on year to about 34.3 billion yuan ($5 billion) in the quarter, exceeding market expectations.
Revenue from its core operations of e-commerce increased 41 percent year on year to about 28.5 billion yuan, while those of other reporting segments such as cloud computing, digital media and innovative initiatives all posted impressive performances.
"We expect each of these businesses to drive long-term value for both our customers and shareholders," said Maggie Wu, Alibaba's chief financial officer.
But the company's net income slipped about 69 percent year on year to 7.075 billion yuan in the quarter.
Alibaba's share price in pre-market trading in the United States rose more than 3 percent to 104 dollars after the results were announced.
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