Alibaba Revenues Surge 61% on Online Shopping​

Chinese e-commerce giant Alibaba has beaten market expectations with a huge jump in quarterly revenues fuelled by online shopping. Revenues for the three months to September rose 61% on the same period a year earlier, to 55.1bn yuan ($8.3bn; £6.4bn).

It also raised its revenue predictions for the full-year forecast. Alibaba is expanding from its core online businesses to investments in supermarkets and stores. "We had an outstanding quarter," Alibaba chief executive Daniel Zhang said in a statement.

"We are seeing the early results from our efforts to integrate online and offline with our new retail strategy". For the July to September quarter, income from operations surged 83% from a year earlier, to 16.58bn yuan. Alibaba, started by billionaire Jack Ma, is the dominant online retailer in China through its Tmall and Taobao shopping platforms.

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