Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) reported a 32 percent rise in second-quarter revenue, beating analyst estimates, even as the value of goods transacted on its platforms grew at a slower pace.
Revenue rose to 22.17 billion yuan in the quarter ended Sept. 30, compared with the average analyst estimate of 21.25 billion yuan, according to Thomson Reuters I/B/E/S.
Alibaba’s New York-listed shares were up 8.5 percent in premarket trading on Tuesday.
Gross merchandise volume (GMV), or the total value of goods transacted on its retail marketplaces in China, rose 28 percent to $112 billion.
Mobile revenue nearly tripled to $1.66 billion, with mobile GMV accounting for 62 percent of total GMV transacted on Alibaba’s China retail marketplaces.
Alibaba is branching out from its core online-only shopping platforms in a bid to stem a slowdown in revenue growth and the total value of goods transacted over its websites.
The company reported net income attributable to shareholders of $3.58 billion, or $1.40 per share. Excluding items, the company posted earnings of 57 cents per share.
Alibaba shares closed at $76.35 on Monday, down about 36 percent from their record high of $120 in November 2014.
REUTERS
