Chinese e-commerce giant Alibaba Group Holding Ltd beat fourth-quarter revenue f...
SHANGHAI - Chinese e-commerce giant Alibaba Group Holding Ltd beat fourth-quarter revenue forecasts on Wednesday, thanks to growth in its core business and its diversification into cloud computing and other services.
It reported a 51% increase in group revenue for January-March from a year earlier to 93.50 billion yuan , beating estimates of 91.58 billion yuan, according to IBES data from Refinitiv.While still solid, Alibaba’s top-line growth rates have slowed sharply from a few years ago, as have those of domestic rivals such as JD.com, which last week reported its slowest quarterly revenue growth since it listed in 2014.
The group said its net income attributable to ordinary shareholders rose in the quarter to 25.83 billion yuan, from 7.56 billion yuan in the same period a year earlier.
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