Ecommerce giant Alibaba reported better than expected sales growth despite growing threats to its business from surging rivals and policymakers abroad, reported the Financial Times.
Hangzhou-based Alibaba increased revenues 34% year on year to RMB 153.8 billion ($22.2 billion), ahead of the RMB 147.3 billion forecast by analysts, with growth returning to its core Tmall and Taobao ecommerce marketplaces after stagnating in the first quarter.
Daniel Zhang, chief executive, said Alibaba was “closely monitoring the latest shift in US government policies towards Chinese companies” and noted that it would comply with new regulation.
“Globalization is our long-term strategy, but in the near term we are closely monitoring the change of the geopolitical environment, and also the national policy of other countries, and we will adjust our strategies according to this change,” said Zhang.
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