Last Hour Alibaba posts 37 percent profit in quarterly profit, bucking slowdown in China


Alibaba Group Holding delivered an increase in net revenue of 37 percent in the quarter ending December. It is driven by profits in its main online trading and bucking analyst expectations for a decline amid a slowdown in China’s economy. The e-commerce giant in New York said net revenue for its fiscal third quarter reached 33 billion yuan (US $ 4.8 billion) in the back of a 41 percent revenue increase to 117.3 billion yuan, & An increase of 83 billion yuan over the same period a year earlier. Alibaba’s business was up.

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