Chinese e-commerce giant Alibaba has beaten market expectations with a huge jump in quarterly revenues fuelled by online shopping.
Revenues for the three months to September rose 61% on the same period a year earlier, to 55.1bn yuan ($8.3bn; £6.4bn).
It also raised its revenue predictions for the full-year forecast. Alibaba is expanding from its core online businesses to investments in supermarkets and stores. “We had an outstanding quarter,” Alibaba chief executive Daniel Zhang said in a statement.
He said, “We are seeing the early results from our efforts to integrate online and offline with our new retail strategy”.
For the July to September quarter, income from operations surged 83% from a year earlier, to 16.58bn yuan.
Alibaba, started by billionaire Jack Ma, is the dominant online retailer in China through its Tmall and Taobao shopping platforms.