Alibaba Q3 revenue soars to USD 12.7 billion

Chinese e-commerce giant Alibaba's revenue jumped by 56 per cent year-on-year to 83 billion yuan (about USD 12.7 billion) in the third fiscal quarter.
"Alibaba had another great quarter driven by the continued strength of the Chinese consumer and the wide and innovative range of services we provide for merchants and consumers," Alibaba chief executive Daniel Zhang said in an earnings report.
The strong earnings were fuelled by a record-breaking sales during the annual Singles Day shopping festival on November 11.
Net income jumped to 23.3 billion yuan (about USD 3.5 billion) between October and December, state-run Xinhua news agency reported.

"Given our strong performance and clear visibility as we approach the end of the fiscal year, we are taking up our 2018 fiscal year revenue guidance to 55 to 56 per cent," Maggie Wu, chief financial officer of Alibaba said.
"Our core business generated significant free cash flow of USD 7.1 billion during the quarter, enabling us to invest in new retail, cloud computing, digital entertainment and globalisation," Wu said.
Its third fiscal quarter is from October 1 to December 31, 2017.