BEIJING -- China's Alibaba is maintaining its reputation as an e-commerce powerhouse, booking a 40% surge in sales in its latest quarterly earnings report, although Chinese gross domestic product growth reaching a 30-year low of 6% and ongoing uncertainties surrounding the Sino-American trade war cloud the country's outlook somewhat.
The quarter ended Sept. 30 saw Alibaba generate better-than-expected revenue of $16.7 billion, up 40% from the previous year. Net income almost tripled to $9.9 million, primarily due to a one-time gain from its acquisition of equity in affiliate Ant Financial earlier in September.
