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Alibaba third quarter revenue jumps 56%, buys 33% stake in Ant Financial

Alibaba saw its shares nearly double last year on the back of strong sales and is currently valued at $523 billion


Alibaba Group Holding Ltd, China's biggest e-commerce company, reported a 56 per cent increase in third-quarter revenue, beating analysts' expectations as the firm shrugged off any concerns about a market slowdown. The company also said it would buy a 33 per cent stake in its payment affiliate Ant Financial in exchange for certain intellectual property rights owned by the e-commerce giant. Revenue for the October-December period rose to 83.03 billion yuan ($13.19 billion), up from 53.25 billion yuan a year earlier. That exceeded the 79.8 billion yuan average estimate ...

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First Published: Thu, February 01 2018. 18:25 IST