Alibaba’s sales surge 40% and profit triples
BEIJING -- Alibaba has reported a 40% increase in sales in the third quarter as the Chinese e-commerce giant reached its 20th anniversary and continued to add users to its online marketplace.
For the quarter ended September 30, the Hangzhou-based company posted sales of RMB 119 billion (~US%16.9 billion), up from RMB 85.15 billion a year earlier.
Sales beat the RMB 117 billion that analysts estimated, driven by strong growth in the core e-commerce and cloud computing businesses.
Cloud computing revenue, though still a small fraction of the company's overall business, soared 64% to RMB 9.29 billion during the quarter.