The international Chinese corporation Alibaba Group Holding Ltd surpassed the forecast of Wall Street for revenue in the third quarter. The company's revenue for this period grew by 4% to 243.3 billion yuan (approximately 37.74 billion dollars), which exceeded analysts' expectations of 238.16 billion yuan.
Alibaba's profit for the same period fell by 74%, also significantly exceeding the forecast. The company attributed this to fines from anti-monopoly regulators in China amounting to 18.2 billion yuan (approximately 2.83 billion dollars). However, even with the fines taken into account, Alibaba's net profit amounted to 29.12 billion yuan (approximately 4.5 billion dollars).
Against the background of successful performance indicators, Alibaba Group Holding Ltd's shares rose by 3.6% during trading on Thursday. "We deeply respect the decisions and resolutions of regulatory bodies in the aspect of web traffic and platform behavior. We will do everything possible to meet all requirements," stated Alibaba.
Alibaba continues to face fines from Chinese authorities, but the company demonstrates stable revenue growth, which maintains investor interest.
