Alibaba increases forecast following strong quarter

Alibaba increases forecast following strong quarter

Chinese eCommerce giant Alibaba has increased its full-year forecast thanks to an exceptionally strong quarter. Its turnover grew by over 60 %, while its net profit more than doubled.

Singles’ Day

Alibaba’s turnover reached 55 billion yuan (7.14 billion euro) in the past quarter, up 61 % compared to the year before. Because of this strong surge, it will adjust its full-year forecast to a 49 – 53 % growth, according to Belgian business newspaper De Tijd.

 

The company's net profit spiked even more, shooting up an astonishing 133 % to 17.7 billion yuan (2.3 billion euro). Alibaba’s most important day of the year is still ahead, with Singles’ Day taking place on 11 November. Traditionally, this is the day that breaks every one of Alibaba’s records.

 

The company’s most important division is still its eCommerce platform, with a 46.5 billion yuan (6 billion euro) turnover and a 63 % growth. However, its cloud division posted a near 100 % growth to 3 billion yuan (390 million euro).