HONG KONG -- Shares in China's largest e-commerce company Alibaba Group Holding on Thursday jumped more than 4%, following its announcement that its quarterly net income had reached 14.03 billion yuan ($2.1 billion), a 96% leap on a year-on-year basis.
The e-commerce company's revenue grew by 56% from a year ago to reach 50.18 billion yuan during the three months to June 30, pushed up by China's growing demand for online shopping. This easily surpassed the average estimate by analysts polled by Thomson Reuters of 47.70 billion yuan, or a 48.4% increase on the year.
