Alibaba has reported surprise 3Q revenue of CNY83bn ($13bn), up 56% YoY, despite concerns that the e-commerce market in slowing. Analysts had estimated the Chinese company would report CNY79.8bn. The company’s shares have surged more than 50% since its IPO, and are now trading at a premium to their pre-IPO price.
Alibaba has reported surprise 3Q revenue of CNY83bn ($13bn), up 56% YoY, despite concerns that the e-commerce market in slowing. Analysts had estimated the Chinese company would report CNY79.8bn. The conglomerate has also announced it will buy a 33% stake in its Ant Financial payment unit in exchange for intellectual property rights owned by Alibaba.