SHANGHAI: Chinese e-commerce leader Alibaba said 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.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.Overall company revenues reached 38%, compared to 41% in the same period last year.
Alibaba is transitioning to a new era and a leadership team led by CEO Daniel Zhang after charismatic founder Jack Ma stepped aside as group leader in September in a succession years in the making. Chinese shoppers set new records for spending during the annual “Singles’ Day” buying spree on Nov, which typically dominates earnings in the quarter.