SHANGHAI: Chinese e-commerce leader Alibaba reported solid 30 per cent year-on-year revenue growth for the July-September quarter, providing some much-needed good news amid turmoil over its Ant Group affiliate’s abandoned IPO.
Hangzhou-based Alibaba said revenue — a key measure of the Internet giant’s business health as well as overall Chinese consumer spending — rose to 155 billion yuan ($23 billion).
The announcement comes ahead of China’s November 11 “Single’s Day” shopping festival next week, which was popularised by Alibaba and is now the world’s biggest annual shopping event.
Alibaba’s latest quarterly earnings provided further evidence of China’s recovery from the coronavirus, which emerged in the country late last year and hammered its economy earlier in 2020. Alibaba has said the pandemic may be helping e-commerce as consumers opt for the safety of online shopping. — AFP
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