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04 Feb 2019, Gergana Bencheva, EMIS Editor

Chinese Alibaba’s revenue jumps 41% y/y in Q3 FY 2018/19

China's e-commerce giant Alibaba Group Holding saw its revenue jump by 41% on an annual basis to CNY 117.3 billion for the third quarter of its fiscal year 2018/2019, ending in March this year, Caixin English News reported. This is the company’s slowest revenue growth since 2016.

In comparison, the average estimate of analysts in a Bloomberg survey was for revenue of CNY 119.4 billion. The disappointing result confirmed the overall slowdown of China’s economy and the uncertain business environment due to Beijing’s trade tensions with the USA.

Yet, Alibaba’s net income rose by 33% on the year to CNY 30.96 billion between October and December 2018, beating the estimates. At the end of last year, the tech giant had to cut its full-year revenue forecast due to the slowing sales growth for smartphones and other consumer electronics and its overall doubts about the economy, Caixin English News noted.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Caixin English News