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E-commerce

Alibaba 3Q profit jumps

The third-quarter net income of Chinese e-commerce powerhouse Alibaba Holdings has jumped ahead of analyst expectations as mobile shopping continues to grow and Chinese customers snapped up items during the holidays.

The results were a reassuring sign as worries about a slowdown in the Chinese economy continue. Shares jumped 4 per cent in premarket trading.

Net income for the three months ending December 31 more than doubled to 12.5 billion Chinese yuan ($A2.73 billion) or 4.90 yuan per share from 5.94 billion Chinese yuan.

Adjusted for one-time costs, net income totalled 99 cents per share. Analysts expected 89 cents per share, according to FactSet.

Revenue rose 32 per cent to 34.54 billion Chinese yuan ($A5.33 billion) from 26.18 billion yuan last year. That beat analyst expectations of $A5.11 billion.

AP

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