Nov
04
Alibaba Profit Beats Estimates as More Shoppers Lure Advertisers
Posted in: Uncategorized
Chinese e-commerce giant Alibaba Group posted profit that beat analysts’ estimates in its first earnings report as a public company, with increased shopping traffic and mobile spending in China generating more advertising.
Alibaba Group, with 307 million active buyers as of September, is luring more sellers to its e-commerce sites by providing advertising tools that analyze user preferences.
Alibaba, which raised a record $25 billion in its September IPO, has jumped 50% since it sold the stock at $68 per share. Revenue jumped 54% during the quarter.
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