Alibaba revenue jumps 61% but one-time expense hits profit

Chinese retail giant Alibaba said on Thursday that its revenue jumped 61 percent in the latest quarter as its core e-commerce segment chugged along, but profit for the period was dragged down by a one-off expense. The Hangzhou-based company said net profit was down 41 percent year-on-year to 8.69 billion yuan ($1.26 billion) in the quarter ending June 30. Alibaba, which has made billionaire founder Jack Ma one of China's richest men and a global e-commerce icon, has wowed investors quarter after quarter with sterling revenue growth fuelled by the growing appetite of Chinese consumers for one-click online purchases.

from Yahoo News - Latest News & Headlines https://ift.tt/2P0MI4b
via IFTTT