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Alibaba revenue up 61 percent, beats estimates

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Alibaba revenue up 61 percent, beats estimates

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(Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd <BABA.N> said on Thursday its quarterly revenue climbed 61 percent, beating analysts’ estimates, helped by growth in its core e-commerce business. The firm, headed by billionaire entrepreneur Jack Ma, posted 55.12 billion yuan (£6.3 billion) in revenue for the July-September quarter, above a 52.2 billion yuan forecast from analysts polled by Reuters. Net income more than doubled from a year ago to 17.41 billion yuan, growing at a faster clip than the previous two quarters. The second quarter is often slower for Alibaba as it prepares for the annual blockbuster Singles’ Day event on Nov. 11, a sales bonanza that shifts more goods than the Black Friday and Cyber Monday sales days in the United States combined. Alibaba said revenue from its core e-commerce business hit 46.46 billion yuan, representing a 63 percent rise from the same quarter a year earlier.

(Reporting by Pei Li in Beijing and Supantha Mukherjee in Bengaluru; Editing by Saumyadeb Chakrabarty)
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