Alibaba plugs into ‘ outstanding’ quarter

Alibaba Group Holding Ltd (BA BA. N) hailed an“outstanding quarter” yesterday and raised its outlook for the year after beating forecasts with a 61 per cent jump in revenue driven by strong online sales growth.

The Chinese e- commerce giant reported revenue of 55.12 billion yuan (£ 6.3bn) for July- September, above a 52.2 billion yuan forecast from analysts.

A lib aba’ s net income attributable to shareholders more than doubled from a year ago, rising 132 per cent to 17.7 billion yuan.

Alibaba chief executive Daniel Z hang said :“We had an outstanding quarter. We are seeing the early results from our efforts to integrate online and offline with our New Retail strategy.”