Alibaba Sales Surge as Chinese Consumers Defy Economic Gloom
- Company captures new users, more consumers on mobile devices
- Vice Chairman Tsai vows to keep spending for long-term growth
Alibaba Tops Fourth-Quarter Estimates on Revenue, Sales
This article is for subscribers only.
Alibaba Group Holding Ltd. posted a 39 percent surge in revenue as China’s dominant e-commerce operator shrugged off a slowing economy with promotions to woo cash-rich consumers.
Asia’s largest Internet company posted better-than-expected sales of 24.2 billion yuan ($3.7 billion) in the March quarter and said it will start providing annual forecasts. Alibaba shares jumped 4 percent to $78.83 at the close in New York.