News this week: China’s largest e-commerce company, Alibaba
Group, posted a fourth quarterly profit for the three-month ended 30th
September 2013. Net income attributable to shareholders in the period was
US$792 million – that is a 12% increase compared to the previous quarter.
Alibaba’s revenues in the quarter jumped 51% year-on-year to
reach US$1.78 billion. Compared with the previous quarters however, this
represents a slowdown from the growth of 61% and 71% recorded in Q2 and Q1
respectively. However, Alibaba outperformed its key industry peers as Tencent posted revenue growth
of 34% in their most recent financial quarter.
Cao Lei, director at Hangzhou-based China e-Business
Research Center, said, “The results are pretty steady but bear no surprises. In
terms of growth speed it’s lower than expected. Fourth quarter earnings should
post an uptick as transaction volumes and advertising fees increase during the November
11 (Singles’ Day) sales promotion.”
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