Alibaba released its first earnings report since setting a new record for an initial public offering in September. Revenues beat expectations, rising 54 percent to $2.7 billion.
On a year-over-year basis, Alibaba’s net income or profit rose 15.5 percent to $1.11 billion, minus a one-time expense of awarding stocks to employees and executives.
Alibaba continues to try to diversify its business strategies in China as part of the company’s efforts to maintain its dominance in the Chinese mainland market and keep its e-commerce rivals at bay.
For more on Alibaba’s earnings and its strategy, CCTV America interviewed Matt Turlip, an analyst from Privco, a financial intelligence company.