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China tech

Alibaba defends No.1 position in China's e-commerce market

First earnings since Jack Ma's resignation sends optimistic signal to the market

Alibaba Group Executive Chairman and CEO Daniel Zhang.    © Reuters

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.

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