Chinese e-commerce giant Alibaba said yesterday that its net profit soared 132 percent in an "outstanding" latest quarter, prompting it to raise its projection for full-year revenue growth. Net profit for the three months ending September 30 reached 17.67 billion yuan, ($2.67 billion), up from 7.62 billion yuan in the same period of 2016, the company said.
Revenues in the second quarter of Alibaba's fiscal year came it at 55.1 billion yuan, topping an analyst estimate of 52 billion yuan compiled by Bloomberg News. The company was now raising its growth forecast for revenues in the full fiscal year to 49-53 percent, compared to a previous expectation of 45-49 percent growth.
Alibaba, which has made billionaire founder Jack Ma one of China's richest men and a global e-commerce icon, has been on a tear, regularly beating revenue estimates and watching as investors have driven its New York-listed shares up 110 percent since the start of the year.