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Alibaba earnings surge 58% on ‘Single’s Day’ boost

Chinese e-commerce leader Alibaba said on Thursday that net profit increased 58 percent in the latest quarter, citing another record “Single’s Day” sales promotion in November and growth in cloud computing. Net profit reached 52.3 billion yuan ($7.5 billion) in the October-December third quarter. Alibaba dominates China’s consumer culture and its corporate results are widely anticipated for signs that a worsening Chinese economic slowdown and the US-China trade tussle were turning off shoppers. Revenue growth, the key measure of the company’s business health, continued a gradual slowdown. Overall company revenues reached 38 percent, compared to 41 percent in the same period last year. (Afp)