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Alibaba reports faster revenue growth

Xinhua, October 27, 2015 Adjust font size:

Chinese e-commerce giant Alibaba on Tuesday announced faster revenue growth of 32 percent in the third quarter of the year.

The revenue of 22.2 billion yuan (3.49 billion U.S. dollars) beat market expectations, pushing Alibaba's share price up by over 8 percent in pre-market trading in New York.

In the second quarter of the year, its revenue growth slowed to 28 percent from 45 percent in the first quarter.

Net income attributable to ordinary shareholders July-September was 22.8 billion yuan (3.58 billion U.S. dollars), an annual increase of 665 percent.

Excluding the effect of non-cash revaluation gain, share-based compensation expenses, amortization of intangible assets and certain other items, non-GAAP net income was 9.3 billion yuan, an annual increase of 36 percent.

Gross merchandise volume (GMV), the total value of goods transacted on Alibaba's retail marketplaces in China, was 713 billion yuan, up 28 percent year on year.

The mobile GMV in China marketplaces surged 121 percent to 440 billion yuan. The volume accounts for 62 percent of total GMV, up from 55 percent in the previous quarter, as more users made purchases on its mobile applications.

"We are winning in mobile and remain focused on our top priorities, including internationalization, expanding our ecosystem from cities to villages, and building a world-class cloud computing business," said Daniel Zhang, CEO of Alibaba Group.

Alibaba's shares have been under tremendous pressure this year amid worries that a slowing economy has dragged down consumer spending in the world's second-largest economy.

Its share price rose 0.97 percent to close at 76.35 U.S. dollars on Monday. That was slightly above its IPO price of 68 U.S. dollars but over 36 percent lower than its high of 120 U.S. dollars in November.

The Hangzhou-based company was listed on the New York Stock Exchange in September last year. Endi