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E-commerce titan Alibaba's revenue surges 51% in 3rd quarter
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REVENUE of China's largest e-commerce company Alibaba Group rose 51 percent to US$1.78 billion in the third quarter last year as it continues the expansion of its dominance in the online shopping sector.
Profit in the three months ended September 30 added 12 percent from the previous quarter to reach US$800 million, according to a stock exchange filing by Yahoo, which holds a 24 percent stake in Alibaba Group.
Last year, Alibaba Group made a string of investments to boost its presence outside the e-commerce sector.
Alibaba paid US$586 million for an 18 percent stake in Sina Weibo, the Twitter-like microblog service, to boost social commerce income.
It also has been pushing forward on mobile payment services through Alipay, the third-party payment service affiliated with the group, to tap the growing demand of consumers to browse and purchase from smart devices.
On November 11, during the so-called Singles' Day shopping spree when vendors offered a 50 percent discount, transactions reached a record 35 billion yuan (US$5.77 billion) on Alibaba's Tmall and Taobao platforms.
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