Alibaba, China’s biggest e-commerce guests, reported a 56 percent increase in third-quarter revenue, beating analysts’ assumptions as the firm shrugged off any concerns about a market slowdown.
The company also hinted it would buy a 33 percent stake in its payment affiliate Ant Financial in swap for certain intellectual property rights owned by the e-commerce giant.
Returns for the October-December period rose to 83.03 billion yuan ($13.19 billion), up from 53.25 billion yuan a year earlier.
That eclipsed the 79.8 billion yuan average estimate of 28 analysts registered by Thomson Reuters.
Alibaba saw its shares nearly double last year on the undeveloped of strong sales and is currently valued at $523 billion, but is now looking to fend off a produce challenge from rivals in its key retail business that analysts have will drag on growth.
Net income attributable to shareholders rose to 24.07 billion yuan, or $1.41 per interest, up 34.8 percent from 17.9 billion yuan in the same board a year earlier.
That compared with the 21.5 billion yuan approximate of analysts surveyed by Thomson Reuters.
Revenue from Alibaba’s seed commerce business rose 57.3 percent. The company typically scrutinizes higher revenue in the third quarter due to the Singles’ Day sale held on Nov. 11, the dialect birth b deliver’s biggest sales event.