Alibaba Net Profit Increases 37% to $4.9 Billion
Chinese ecommerce leader Alibaba said Wednesday that net profit increased 37 percent in the latest quarter as growth in cloud computing and other business lines helped offset a slowing expansion in core online retail.
The company's net profit grew to 33.0 billion yuan (USD 4.9 billion) in the October-December third quarter, compared to 24.1 billion yuan over the same period in 2017.
Alibaba dominates China's emerging consumer culture and its corporate results were widely anticipated for any signs of whether a worsening Chinese economic slowdown and the US-China trade tussle was curbing the country's appetite for shopping.
Revenue growth slowed to 41 per cent in the quarter, with sales in its core e-commerce business coming in at 40 per cent.
While most companies would envy such...