Alibaba’s third quarter profit surges 58% on strong cloud, offshore e-commerce growth

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Alibaba’s third quarter profit surges 58% on strong cloud, offshore e-commerce growth - SCMP

Quick Summary:

Net income attributable to ordinary shareholders surged 58 per cent to US$6 billion in the three months that ended in September.

It has also stepped up efforts to enhance monetisation of its merchant services in past months, with the launch of the paid digital marketing tool Quanzhantui in April and a new technology service fee for Taobao and Tmall merchants in September.

Our other businesses continued to improve their operating efficiency, with most of them continuing to increase their profitability or reduce losses,” Wu said.