Alibaba revenues surge to $12bn but misses profits target

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New York-listed ecommerce giant Alibaba, widely viewed as China’s answer to Amazon, reported soaring revenues of more than $12bn (¬£9.3bn) in its latest quarterly results, although profits fell short of analyst expectations.

Alibaba boosted its core online marketplace business and internet services division, but investments in subsidiaries and battles against regional rivals hit its bottom line. 

Operating profit fell to 54pc to $1.2bn, although revenues were up for three months ending in July compared to last year by 62pc.

Several of Alibaba’s other business ventures have proved less profitable than in previous years, or taken one off hits to their income that has marked the giant’s bottom line….

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