Alibaba has reported surprise 3Q revenue of CNY83bn ($83.03 billion yuan), 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.
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.