Chinese e-commerce giant Alibaba Group Holding reported Tuesday a better-than-expected 54 percent rise in fiscal third-quarter revenue, helped mainly by higher sales during its Singles' Day shopping event on November 11.
Revenue was 53.25 billion yuan (.67 billion) for the three months ended on December 31, compared with analysts' average estimate of 50.10 billion yuan.
Revenue from Alibaba's core e-commerce business increased 45 percent, more than the 41 percent jump in the previous quarter. Specifically, revenue from core commerce, cloud computing, digital media and entertainment as well as initiatives and others increased 45 percent, 115 percent, 273 percent and 61 percent year-on-year, respectively, according to its statement.
Net income attributable to shareholders increased 43 percent to .57 billion.
"Our robust December quarter demonstrates the strength of the Chinese consumer and Alibaba's ability to create value across our vast ecosystem," said Daniel Zhang, chief executive officer of Alibaba Group.
The Singles' Day shopping festival featured Alibaba at its best, integrating commerce, entertainment and social engagement, all happening globally at record scale, he said in a statement. "We are driving the age of 'New Retail,' which leverages big data and innovation to provide a seamless online and offline experience for nearly half a billion mobile monthly active users. This retail transformation will make it even easier and more efficient for brands and retailers to engage with these consumers anywhere, anytime."
During the Singles' Day shopping spree of 2016, Tmall, Alibaba's business-to-consumer platform, saw sales worth 120.7 billion yuan, a 32 percent increase year-on-year.