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Companies rebounds to record profit

Chinese e-commerce group renews alliance with Tencent to compete with Alibaba posted record earnings on lower cost margins.   © Reuters

NEW YORK -- Despite scandals related to its chief executive, China's second-largest e-commerce group posted record quarterly earnings on Friday, redeeming itself from a year of losses.

The Nasdaq-listed company posted a profit of 7.3 billion yuan ($1.1 billion) in the first three months of 2019, after recording a 2.5 billion yuan loss last year. Earnings per share for the quarter stood at 33 cents, smashing analysts' estimates of 12 cents.

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