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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Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.