Alibaba Surging Sales Shake Off Slowing Chinese Economy

October 27, 2015 11:41 AM

34 0

Alibaba Group Holding Ltd. defied the slowdown in China’s economy with sales that climbed by almost a third as the online emporium captured more of the nation’s shift to mobile shopping. Shares surged.

Sales jumped 32 percent to 22.2 billion yuan ($3.5 billion) in the three months ended September, the company said Tuesday, beating analyst estimates. Shares rose as much as 12 percent in pre-market trading as the stock heads for its best month since last year’s initial public offering.

Also read: Exxon Mobil Expands Permian Basin Footprint in Deal Worth More Than $5.6 Billion

Read more

To category page

Loading...