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Nov 2, 2017

Alibaba revenue climbs on growth in core e-commerce business

Alibaba Group Holding HQ Beijing

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Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) said on Thursday its quarterly revenue climbed 61 per cent, beating analysts' estimates, helped by growth in its core e-commerce business.

The firm, headed by billionaire entrepreneur Jack Ma, posted 55.12 billion yuan (US$8.34 billion) in revenue for the July-September quarter, above a 52.2 billion yuan forecast from analysts polled by Reuters.

Net income more than doubled from a year ago to 17.41 billion yuan, growing at a faster clip than the previous two quarters.

The second quarter is often slower for Alibaba as it prepares for the annual blockbuster Singles' Day event on Nov. 11, a sales bonanza that shifts more goods than the Black Friday and Cyber Monday sales days in the United States combined.

Alibaba said revenue from its core e-commerce business hit 46.46 billion yuan, representing a 63-per-cent rise from the same quarter a year earlier.