Economics
Alibaba Shrugs Off Slowing Chinese Economy as Revenue Surges
- Profit also beat expectations just a week before Singles’ Day
- Cloud revenue more than doubled, entertainment quadrupled
Alibaba Beats Sales Estimates as Cloud Services Grow
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Alibaba Group Holding Ltd. showed once again that a slowing Chinese economy isn’t holding it back.
The country’s largest operator of internet shopping malls posted sales and earnings that beat analyst estimates as revenue easily outstripped economic growth. Moreover, Alibaba’s fledgling cloud computing business more than doubled sales and almost broke even, a significant feat for a capital-intensive business.