Alibaba net profits more than double to $4.97bn
China's Alibaba
New York - Arab Today
Chinese e-retail giant Alibaba more than doubled its net profit to $4.97 billion dollars in the first quarter, due to exceptional gains, it announced Wednesday.
Revenue rose 28 percent to $3.27 billion over the same period a year ago. Analysts had expected a sales figure of $3.39 billion.
In pre-session electronic trading Alibaba shares fell nearly five percent.
The report is for the period ending June 30. The company's earnings year is staggered over calendar years 2015 and 2016.
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