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01 February 2019, 01:53 | Vera Richards
Chinese shoppers conjure up strong sales at Alibaba
Alibaba operates two of China's e-commerce platforms - Taobao and Tmall - and continues to benefit from the Double 11 Online Shopping Festival they created, which has repeatedly set sales records.
That compares with an estimate for revenue of 118.9 billion yuan (€15.40 billion) from 31 analysts polled by Refinitiv.
Alibaba typically posts its highest revenue in the December quarter due to its mega "Singles' Day" in November - the world's biggest online sales event that outstrips the sales of USA shopping holidays Black Friday and Cyber Monday combined. The earnings report came a day after several companies operating in China sounded warning bells over Asia's largest economy.
Alibaba's fiscal third quarter revenue was 117.28 billion yuan ($17.5 billion), compared with 83.03 billion yuan the same period a year before, the company reported Wednesday.
Alibaba's business diversity and ongoing innovations are helping protect it at a time of economic uncertainty in China - signs of slowing growth and governmental lever-pulling to address that.
Profitability got a one-time boost from a non-cash gain of 22 billion yuan from the revaluation of Alibaba's previously held equity interest in food and lifestyle services firm Koubei, partly offset by impairment charges of 7.06 billion yuan. In December, Alibaba agreed to increase its stake in the Pictures company to 50.92 percent from 49 percent, by subscribing to HKD 1.25 billion in new shares.
"Alibaba had another strong quarter".
Alibaba's chief executive Daniel Zhang said the group's growth is driven by the power of Alibaba's cloud and data technology that "helps expedite the digital transformation of millions of enterprises".
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