Alibaba Revenue Jumps 42 Percent in First Quarter
Chinese e-commerce giant Alibaba 2019 first-quarter revenue beat analyst estimates.
Revenue for the April-June period rose 42 percent year-on-year to 114.9 billion yuan (USD 16.7 billion), a company statement said, outpacing an average analyst estimate of 111.6 billion yuan.
The result defying a slowing economy and a trade war with the United States.
Alibaba's Executive Vice-Chairman, Joe Tsai attributed the results to China's demographic trends and continued urbanisation, pointing to the growing urban middle class willing to shell out for brands on Alibaba's e-commerce platforms.
Net profit for the quarter was 21.2 billion (USD 3.1 billion), more than double from the same period a year earlier.
Revenue in the Hangzhou-based company's core e-commerce segment, which accoun...