Alibaba revenue jumps 32 percent
- 8 years ago
Strong holiday sales helped e-commerce giant Alibaba Group Holding Ltd beat forecasts on Thursday with a 32 percent rise in third-quarter revenue, but it was not immune from China's slowdown.
Alibaba's results also reflected a weakening of the Chinese economy, with so-called gross merchandise volume rising by its slowest annual rate in more than three years.
As Chinese growth fell to its weakest pace in 25 years, Alibaba's GMV -- the total value of goods transacted on its platforms rose 23 percent to 964 billion yuan.
Alibaba's U.S.-listed shares fell by 2.1 percent to $68 at 1458 GMT following the results.
Alibaba is trying to replace decelerating volume growth in online shopping by expanding in other areas such as online video and local services.
Alibaba's results also reflected a weakening of the Chinese economy, with so-called gross merchandise volume rising by its slowest annual rate in more than three years.
As Chinese growth fell to its weakest pace in 25 years, Alibaba's GMV -- the total value of goods transacted on its platforms rose 23 percent to 964 billion yuan.
Alibaba's U.S.-listed shares fell by 2.1 percent to $68 at 1458 GMT following the results.
Alibaba is trying to replace decelerating volume growth in online shopping by expanding in other areas such as online video and local services.