Online retail giant Alibaba has recorded a massive 54 per cent year-on-year increase in revenues in its latest trading update, boosted by a surge in popularity for its Singles Day sales day in China.
The etailer raked in 53.25 billion yuan (£6.22 billion) worth of revenues in the third quarter that ended in December, while its net incomes attributable to ordinary shareholders went up by 43 per cent year-on-year to 17.9 billion yuan (£2.09 billion) in the quarter.
Meanwhile, revenue from Alibaba’s core e-commerce business increased by 45 per cent, up from 41 per cent in the previous quarter.
At its digital and entertainment business, revenue rocketed by 273 per cent to 4.063 million yuan (£474,575) while its cloud business surged by 115 per cent to 1,764 million yuan (£206,031).
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In addition, the number of mobile users grew 25 per cent year-on-year to 493 million.
Alibaba, which is often compared to other online retail giants eBay or Amazon, has now raised its 2017 full-year guidance for revenue growth from 48 per cent to 54 per cent.
Chief executive Daniel Zhang said the latest trading update “demonstrates the strength of the Chinese consumer and Alibaba’s ability to create value across our vast ecosystem”.