Alibaba trounced analyst expectations in its last quarter as its profits tripled despite China’s wider economy continuing to stagnate.
The Chinese ecommerce giant saw revenues rise 40 per cent year-on-year to RMB119 billion (£13.1 billion) in the three months to September 30.
Meanwhile net profit more than tripled to RMB72.5 billion (£8 billion), though this was in part due to a one-time gain related to its stake in Ant Financial.
Excluding this one-off gain non-GAAP net income came in at RMB32.7 billion (£3.6 billion), which still represented a 40 per cent year-on-year growth.
Adjusted EBITA from core commerce operations came in at RMB38 billion (£4.2 billion), rising nearly 30 per cent.
During the quarter the retailer’s founder and chairman Jack Ma officially stepped down from the company to retire on his 55th birthday with a £31 billion retirement fund.
Daniel Zhang, who was appointed as Alibaba’s chief executive in 2015, has now succeeded Ma as chairman.
Alibaba has now started pre-sales for its 2019 11.11 Global Shopping Festival, which raked in a record £23.1 billion in 24-hours last year, and it is set to once again break records this year.
Singles Day, Alibaba’s equivalent of Amazon’s Prime Day, is set to drive huge sales in the current quarter, which is also set to see it file for a second listing on the Hong Kong Stock Exchange.
The ecommerce giant was forced to postpone its initial public offering, expected to raise between $10 and $15 billion, on hold earlier this year after widespread political unrest in the city.
Sources cited by Reuters said Alibaba will seek listing approval from Hong Kong Exchanges and Clearing Ltd shortly after Singles Day on November 11.