E-commerce titan Alibaba's revenue surges 51% in 3rd quarter

By Ding Yining | January 29, 2014, Wednesday |

Online Edition

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.

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

E-commerce titan Alibaba's revenue surges 51% in 3rd quarter

Email this to your friend