China's Alibaba Group Holding Ltd reported better-than-expected quarterly r...
) reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.
Alibaba’s revenue rose 42% to 114.92 billion yuan in its first quarter ended June 30 from 80.92 billion yuan, a year earlier.U.S.-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3% to $166.72 in trading before the bell.
JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business. It has also expanded its brick-and-mortar Hema stores, to 150 by the end of the June quarter. In June, Alibaba said the stores would operate as a standalone business unit. Reuters reported in June that the company had confidentially filed for an IPO in the city that could raise up to $20 billion.
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