Alibaba reported a near doubling in net income to more than $2bn in its first fiscal quarter, beating analyst expectations as the boom in Chinese online shopping shows little sign of slowing.
The Chinese ecommerce group said that revenues rose 56 per cent to $7.4bn in the three months to the end of June, keeping the company easily ahead of bullish guidance released in June for full-year sales to rise by 45-49 per cent.
Shares in Alibaba have risen more than 70 per cent this year, taking its market capitalisation above $400bn.
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