Alibaba Group Holding Ltd. reported a 40% surge in revenue, showing China’s consumers remain on the lookout for online bargains as the world’s No. 2 economy slows.
Better shopping recommendations, revamped grocery services and deeper content such as livestreams drove sales for China’s largest corporation, a barometer for the health of online retail as well as the broader economy. It reported better-than-projected revenue of 119 billion yuan ($16.9 billion) in the September quarter. Alibaba’s shares gained 1.5% in pre-market trading.