E-commerce giant Alibaba Group Holding Ltd. (BABA.US; 9988.HK) reported on Friday its revenue rose 5% year-on-year to 236.5 billion yuan ($33.7 billion) in the three months to September, its second fiscal quarter, slightly trailing analyst forecasts. The company’s net income surged 58% to 43.9 billion yuan, beating expectations, largely due to investment gains.
Alibaba attributed the revenue growth to its improving monetization of Taobao and Tmall, its two main e-commerce platforms, as well as enhanced operational efficiency across its core businesses.
Revenue from the company’s cloud computing business jumped 7% year-on-year to 29.6 billion yuan, boosted by growth from public cloud and AI-related products. The company also reported it saw strong sales growth for the “Double 11” shopping festival that ran for a month through Nov. 11, but did not provide specific numbers.
Alibaba‘s share fell 2.2% in Friday trading in New York after the results were published.
By L. Mackie
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