INTERNATIONAL - China’s Alibaba Group Holding Ltd reported better- than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.
US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 percent to $166.72 in trading before the bell.
Two of the world’s biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China.
Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China’s biggest cities saturating.
JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business.