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2 November, 2019 00:00 00 AM
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Alibaba’s revenue growth eases in Q2

AFP, Beijing

Chinese e-commerce giant Alibaba said second quarter revenue growth slowed to 40 per cent on-year yesterday, although net profits more than tripled thanks in part to a one-time payment from a fintech affiliate.

Total revenue was 119 billion yuan ($16.9 billion), with growth down from 42 per cent in the April-June period and 54 per cent in last

year’s second quarter, a

company statement said, in its first earnings report since founder Jack Ma stepped aside as chairman in September.

The second quarter jump in net profits was partly due to a one-time payment received in September as part of a deal in which Alibaba acquired 33 per cent equity in fintech affiliate Ant Financial while ending a previous profit sharing arrangement, the company said.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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