Alibaba’s revenue grows amid growing popularity of online shopping in China

Almaty. November 3. Silkroadnews – Alibaba’s revenue grows amid growing popularity of online shopping in China, South China Morning Post reports.
“E-commerce giant raises annual revenue estimates after Q2 sales rise to US$8.3b. Now attention turns to Nov 11 and its Singles’ Day shopping festival, which is again expected to smash previous spending records,” the report says.
Alibaba Group increased its estimates of annual growth after a 61% surge observed in the second quarter. Currently, the e-commerce giant projects a 49-53% increase in its annual revenue, compared to the previous forecast of 45-49%, after it invested an additional $803 million to buy a 51% majority stake in logistics affiliate Cainiao.
Quarterly sales of Alibaba for July-September increased to 55.1 billion yuan ($8.3 billion), exceeding the forecast of 52 billion yuan. Net income for this period increased by 146% to 17.4 billion yuan.
With this it is noted, such results were achieved a week before the “Singles’ Day”, which last year “racked up a record US$17.8 billion worth of transactions in just 24 hours”.
Most of Alibaba’s revenue comes from its core business, which grew 63% year-on-year to 46.5 billion yuan. It includes the online markets of Taobao and Tmall, as well as Alibaba’s international business units, including the mobile applications of AliExpress and Lazada, the Singapore e-commerce company, in which Alibaba increased its share to 83% in June this year. Sales of Lazada grew 115% to 2.9 billion yuan from last year.