Alibaba posts 37 per cent gain in quarterly profit, bucking slowdown in China

Alibaba Group Holding posted a 37 per cent increase in net income in the quarter ended December, driven by gains in its main online commerce and bucking analyst expectations for a decline amid a slowdown in China’s economy.

The New York-listed e-commerce giant said net income for its fiscal third quarter reached 33 billion yuan (US$4.8 billion) on the back of a 41 per cent rise in revenue to 117.3 billion yuan, up from 83 billion yuan in the same period a year earlier.

Shares of Alibaba were up about 4 per cent in early trading on Wednesday in the US, following the company’s latest earnings report.

“Our resilient operating and financial performance is a direct reflection of our persistent focus on better serving our growing base of nearly 700 million consumers across retail, digital entertainment and local consumer services,” said Daniel Zhang Yong, chief executive of Alibaba, in a statement on Wednesday.

Mobile monthly active users on Alibaba’s China online retail marketplaces reached 699 million in December, which is more than the combined population of the United States, Germany, Russia and Japan.