Amid china's slowing growth Alibaba's revenue grew strongly and exceeds expectations - Alldamoney

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Amid china's slowing growth Alibaba's revenue grew strongly and exceeds expectations

As the Chinese economy continues its slowdown on growth “gross domestic product expanded 6.7 percent in the past three-quarters, down from 6.9 percent for all of 2015 “ this Chinese largest e-commerce company is showing that its business will continue on a steady rise from the local online market and international middle-class shoppers.

Alibaba is Chinas biggest E-commerce Company is a match up with Ebay and Amazon

Founded and Run by Former English teacher Jack Ma who happens to be China’s richest man, Alibaba was floated on the New York Stock Exchange on September 2014. Its shares soared 38% on the first day of trading to $93.89, valuing the business at $231bn.Over the years the company has transformed into the world’s largest online shopping company.
Founded by Former English teacher Jack Ma 
Alibaba’s sales rose 55 percent to $5.14 billion in its second quarter from the same period a year earlier. However based on a one-time accounting gain that increased last year’s bottom line Net profit dropped 69 percent from a year ago to $1.06 billion.
These results beat Wall Street expectations off all average estimate among eight analysts surveyed by Zacks Investment Research up to earnings of 70 cents per share.

Alibaba shares have increased 24 percent since the beginning of the year the Company revenue grew strongly in the three months through the end of September, as the myriad brands and small-time vendors on its online shopping sites kept spending heavily on advertising making it the favourite shopper among chinese locals who in recent days keep abandoning physical retail outlets like malls.

As the Chinese market becomes increasingly saturated the company has also been seeking growth outside. In May it bought southeast Asian online retailer Lazada Group for about $1bn.

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