Chinese ecommerce group Alibaba beat expectations, reporting that revenues had increased 32 per cent for the last quarter despite the slowdown hitting the country’s economy.
The company, which dominates online retail in China with about 80 per cent market share, saw overall sales slow but earned more money per click, per search and per sale.
Gross merchandise value — the value of products sold on its retail platforms such as Taobao and Tmall — jumped 23 per cent to Rmb964bn ($149bn) for the December quarter.
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