Alibaba Profit Up 32% To Beat Analysts

Alibaba Sales

E-commerce giant Alibaba Group Holding surprised analysts by posting a 32% rise in second-quarter revenue. Goods transacted on its platforms grew at a slower pace than expected.

Revenue hit 22.17 billion yuan for the quarter ended September 30. Analysts had expected an increase of 21.25 billion yua.

Following the good news shares at the compan jumped by 8.5% in premarket trading on Tuesday.

Gross merchandise volume (GMV), or the total value of goods transacted on its retail marketplaces in China, jumped 28% to $112 billion.

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