Deals
Alibaba's Outlook Tops Estimates as Spending Drives Growth
- The e-commerce giant is banking on retail and cloud computing
- Alibaba is spending more to expand into new areas and abroad
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Alibaba Group Holding Ltd. predicted a surprise acceleration of sales as the Chinese e-commerce giant unleashes spending to sustain growth in cloud computing, logistics and supermarkets.
The company expects revenue to surge 60 percent in the year ending March, boosted by its purchase of food delivery startup Ele.me and transport business Cainiao. Even without those acquisitions, Alibaba sees sales rising 50 percent, ahead of the 42 percent projected by analysts.