Alibaba shares hit a record high after it announced huge sales growth in its first earnings release since the Chinese ecommerce company listed on the New York Stock Exchange in September.
The company defied a slump in retail sales in its home market to deliver better than expected revenues and profits in the quarter ending September 30.
Retail sellers on Alibaba’s China websites did Rmb556bn ($90.5bn) in business, pushing the gross merchandise value, a metric used by Alibaba as a proxy for sales, up 49 per cent from the third quarter in 2013.
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