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Alibaba's profit more than doubles

Thursday, November 02, 2017 - 00:53

Quarterly revenue surged at the Chinese e-commerce giant's online shopping platforms, Tmall and Taobao, as consumers bought groceries and electronics goods. Fred Katayama reports.

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Fast growth at Alibaba in what's usually a slower period. Quarterly profit more than doubled from a year ago at the Chinese e-commerce giant. Driving revenue up 61 percent: strength in its core e-commerce businesses. Revenue surged at its online retail shopping platforms, Tmall and Taobao. Fast growth in consumer electronics and its move into essential consumer goods like groceries boosted Tmall's results. Alibaba raised its revenue outlook for the fiscal year. The Internet company's shares, which have more than doubled this year, rose at the start of trading Thursday. Up next for Alibaba: its annual shopping festival held November 11 called "Single's Day." That event serves as a bellwether for China's retail appetite, and sales tend to dip in the quarters that precede and follow the extravaganza.

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Alibaba's profit more than doubles

Thursday, November 02, 2017 - 00:53