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Alibaba shares touch record high as revenue easily beats expectations

Core commerce business drives 61% top-line jump

Alibaba and other e-commerce groups are gearing up for Singles Day, China's biggest shopping event of the year.   © Reuters

HONG KONG -- Alibaba Group Holding, China's largest e-commerce company, once again surprised the market with better-than-expected quarterly revenue, pushing its New York-listed shares to a record high in early morning trading Thursday.

Revenue jumped 61% on the year to 55.12 billion yuan ($8.28 billion) for the three months ended September, easily topping the average estimate of a 52.1% rise to 52.15 billion yuan from analysts polled by Thomson Reuters. Revenue growth was driven mainly by expansion in the core commerce segment and the cloud computing business, the company said.

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