Alibaba’s Earnings Jump as China’s Online Shopping Boom Continues
- 7 years ago
Alibaba’s Earnings Jump as China’s Online Shopping Boom Continues
HONG KONG — When Joseph C. Tsai, the billionaire vice chairman of the Alibaba Group, recently agreed to buy a 49 percent stake in the Brooklyn Nets, it was a sign of the enormous financial success
that the company has enjoyed amid China’s e-commerce boom.
Alibaba has become one of the most highly valued technology companies in the world,
and its recent string of strong financial results has signaled the continued rise of China’s internet industry and the heartiness of its hundreds of millions of online shoppers.
The company said on Thursday that profit for its most recent quarter more than doubled compared
with the same period a year ago, thanks in part to a 61 percent rise in revenue.
Still, the results released Thursday show that Alibaba still has ground to cover as
it seeks to grow beyond e-commerce into more of a data and technology company.
McKinsey estimates that the country’s middle class will expand to 315 million households by 2030, from 116 million households last year.
HONG KONG — When Joseph C. Tsai, the billionaire vice chairman of the Alibaba Group, recently agreed to buy a 49 percent stake in the Brooklyn Nets, it was a sign of the enormous financial success
that the company has enjoyed amid China’s e-commerce boom.
Alibaba has become one of the most highly valued technology companies in the world,
and its recent string of strong financial results has signaled the continued rise of China’s internet industry and the heartiness of its hundreds of millions of online shoppers.
The company said on Thursday that profit for its most recent quarter more than doubled compared
with the same period a year ago, thanks in part to a 61 percent rise in revenue.
Still, the results released Thursday show that Alibaba still has ground to cover as
it seeks to grow beyond e-commerce into more of a data and technology company.
McKinsey estimates that the country’s middle class will expand to 315 million households by 2030, from 116 million households last year.