Alibaba Group Holding Limited (NYSE: BABA) just posted a 54% jump in 3Q revenue, beat all the analyst estimates, helped by higher sales during its Single’s Day shopping event and increased earnings in its cloud and digital media ventures.
The company said it would be raising its 2017 full-year guidance for revenue growth from 48% to 54%.
Alibaba is seeking new revenue streams with a series of data, cloud, artificial intelligence and logistics projects as China’s e-commerce market begins to show signs of saturation.
Earlier this month, it submitted a $2.6 billion bid to privatize Chinese department store operator Intime Retail Group Co Ltd, saying it intended to use data to digitize offline shopping.
In a statement on Tuesday chief executive Daniel Zhang said they will invest in “big data and innovation to provide a seamless online and offline experience for nearly half a billion mobile monthly active users”, Reuters reported.
Revenue from Alibaba’s core e-commerce business made up 87% of total revenue in the three months to December 31, down from 92% YoY.
Net income attributable to the company’s shareholders grew 43% to $2.57 billion, or $1 per share.
Revenue from Alibaba’s core e-commerce business grew 45%, up from 41% in the previous quarter. Revenue rose 273% to 4,063 million yuan at its digital and entertainment business, and 115% to 1,764 million yuan in its cloud business.