Chinese internet giant Alibaba has managed to significantly increase both its turnover and its number of customers in the past quarter, its first quarter as a public company.
Beat analysts' expectations
Alibaba's turnover grew 53.7 % to 2.74 billion dollars (2.2 billion euro) in the past quarter, outperforming analysts' expectations at 2.61 billion dollars. In its Chinese online marketplaces for businesses and consumers turnover grew 49 % thanks to a 52 % increase in customers. These sites now attract 307 million people, compared to 202 million last year. An increased number of ads have also helped to create additional turnover.
Net profit did drop 38.6 % to 494 million dollars (nearly 400 million euro), but that was the result of additional costs to compensate for shares and higher taxes. Operational profit did grow 15.5 % in the third quarter.
These were Alibaba's first quarterly results since the company went public in September and the results are boosting share prices: Alibaba, which owns Chinese marketplaces Taobao and Tmall, entered the New York Stock Exchange at a 68 dollar introductory price, but that has already soared to nearly 102 dollars.