Alibaba revenue up 61 percent, beats estimates

[Ervin Kosch]

Chinese e-commerce giant Alibaba Group Holding Ltd <BABA.N> said on Thursday its quarterly revenue climbed 61 percent, beating analysts’ estimates, helped by growth in its core e-commerce business.

The firm, headed by billionaire entrepreneur Jack Ma, posted 55.12 billion yuan ($8.34 billion) in revenue for the July-September quarter, above a 52.2 billion yuan forecast from analysts polled by Reuters.

Net income more than doubled from a year ago to 17.41 billion yuan, growing at a faster clip than the previous two quarters.

Full Article: http://www.oann.com/alibaba-revenue-up-61-percent-beats-estimates/