Chinese e-commerce giant Alibaba reported a 59 percent jump in quarterly revenue, surpassing Wall Street. Bobbi Rebell reports.
The chinese economic slowdown apparently not hitting e-commerce giant Alibaba. Quarterly sales surged 59 percent year on year- the highest since its IPO. Mobile revenue from the company's China commerce retail business increased almost 120 percent. Monthly mobile active users increased 39 percent. The results were much better than Wall Street had expected. Gil Luria, director of research at Wedbush Securities, writing "Combined with JD results yesterday it is clear Chinese consumer is not slowing down yet. Stimulus from the Chinese government appears to be working for now. If you want to own China, BABA is not a bad place to be." Alibaba also seeing success from third-party sellers on the company's platforms. Those rose close to 25 percent.