Business & Economy
Alibaba posts 37% boost in quarterly revnue
Shanghai, China, Feb 2 (efe-epa).- Chinese e-commerce giant Alibaba posted revenue of 221.08 billion yuan ($33.88 billion) in the quarter that ended December, a rise of 37% year-on-year.
“China was the only major economy to achieve positive GDP growth last year. Thanks to the rapid recovery of China’s economy, Alibaba had another very healthy quarter,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group.
He added in a statement that a successful and extended Single’s Day sales holiday had helped boost profits for the e-commerce giant.
The increase in revenue comes despite an ongoing antitrust investigation into the company co-founded by Jack Ma. EFE-EPA