World Economy

Alibaba Profits Soar

Alibaba  Profits Soar Alibaba  Profits Soar

Shares in Chinese e-commerce giant Alibaba soared after the online retailer said it had logged a 39% spike in fourth-quarter revenue, DW reported. The breakneck growth defied China’s slowing economy and increasing competition. Alibaba’s quarterly revenue surged to 24.18 billion yen ($3.75 billion) in the first three months of 2016, a 39% over the same period last year, the company said on Thursday. Alibaba’s chief financial officer, Maggie Wu, said the strong results reflected the “unique strength of our core e-commerce business despite challenging economic conditions.” The last quarter of the company’s fiscal year took place from January to March of this year. For the full financial year, China’s largest online retailer booked net income of $11.08 billion - an increase of 196% - or almost tripling - over 2015. Doing so, it bucked a broader trend of slowing economic growth in the world’s second-largest economy.