Alibaba quarterly results beat expectations

Alibaba Group Holding Ltd. reported strong results in its latest quarter despite uncertainties about China’s economy, with users increasing spending and the company showing profit potential in segments beyond e-commerce, according to The Wall Street Journal.  Revenue for the three months ended Sept. 30 exceeded analysts’ expectations, rising 55% to $5.14 billion from a year earlier, boosted by strong sales in core commerce, which was up 41%, and triple-digit growth in the company’s entertainment and cloud-computing segments. Net income, however, fell 66% to $1.14 billion from a year earlier because of a one-time gain last year from a revaluation of its health and pharmacy business. Excluding the gain, Alibaba’s net income a year earlier was $640 million. Alibaba shares rose 1.6% to $102.65 in early-morning trading.