Alibaba Q1 profit nearly doubles on robust revenues

Alibaba, China's top e-commerce firm, beat analyst's estimates with a 56 per cent rise in first-quarter revenue, driven by growth in online sales which make up most of its business.

Thursday's results show that Alibaba Group Holding Ltd, one of Asia's most valuable companies, is benefiting from more and more Chinese buying an increasing proportion of everything from food to clothing to luxury items online. Alibaba's stock is up by over 81 per cent this year, lifted by steady increases in revenue for its commerce.....

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