Alibaba third quarter revenue jumps 56%, buys 33% stake in Ant Financial


Alibaba Group Holding Ltd, China's biggest e-commerce company, reported a 56 per cent increase in third-quarter revenue, beating analysts' expectations as the firm shrugged off any concerns about a market slowdown. The company also said it would buy a 33 per cent stake in its payment affiliate Ant Financial in exchange for certain intellectual property rights owned by the e-commerce giant. Revenue for the October-December period rose to 83.

03 billion yuan ($13.19 billion), up from 53.25 billion yuan a year earlier. That.....

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