In point of fact, latest surge on operating profit of Alibaba, owned and chaired by Jack Ma, the former salesman turned into a billionaire business entrepreneur, had been indicating that the Chinese multinational conglomerate was capable of weathering a tougher macroeconomic environment alongside a highly clogged e-commerce industry, analysts suggested followed by the release of Alibaba's quarterly earnings' report.
According to sources from the mainland, Alibaba may offer as much as US$2 billion for the business.
Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv. The increase was apparently a testament to the company's ability to provide superior users experience.
The results, from a company that symbolises the rising confidence of the Chinese consumer, suggest a mixed picture for the world's second-largest economy after the United States.
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Alibaba's online retail operations reported 674 million annual active consumers on its China retail marketplaces as of June 30, up almost 20% YoY.
The executive elaborated the company's next steps and mentioned that with the consistent cash flow from its core commerce business, Alibaba will continue to pursue its investments into other advanced technologies. Annual active consumers reached 674 million at the end of the quarter, representing an increase of 20 million year-over-year.
Alibaba's C2C marketplace Taobao, B2C marketplace Tmall, brick-and-mortar supermarket Hema, and supermarket chain RT-Mart will all participate to promote produce sourced from 1,000 sites across China.
USA -listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3% to $166.72 in trading before the bell.
Alibaba's focus on so-called lower-tier cities echoes that of JD.com, which spoke of a similar strategy in its Wednesday earnings call.