Salem Radio Network News Monday, September 20, 2021

Business

Alibaba’s quarterly revenue jumps 34%

(Reuters) -China’s Alibaba Group Holding Ltd reported a 34% rise in quarterly revenue on Tuesday, helped by growth at its cloud computing and e-commerce businesses.

Ant Group, the fintech affiliate of Alibaba Group, recorded a quarterly profit of about 13.48 billion yuan for the quarter ended March, according to the Chinese e-commerce giant’s filing.

Alibaba, which holds about a third of Ant, posted a profit of 4.49 billion yuan for the quarter ended June 30 from its investments in the financial conglomerate.

Alibaba’s revenue rose to 205.74 billion yuan ($31.83 billion) in the first quarter, from 153.75 billion yuan a year earlier.

($1 = 6.4628 Chinese yuan renminbi)

(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta)

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