The second quarter results of Chinese ecommerce giant Alibaba have been excellent and the company has reported a 32 increase in revenue which is clearly above what analysts had expected even when the value of goods that are traded on its different trading platforms have actually seen a slower growth.
The revenue has increased to 22.17 billion yuan in this second quarter ending on September 30 whereas the analysts had expected revenue of 21.25 billion yuan. The share price of Alibaba in the New York stock exchange was up by 8.5 percent in premarket trading.
The total value of the goods that have been sold using its trading platform has grown by 28 percent to $112 billion.
Alibaba has been taking steps to branch out from its once only online shopping platform to continue the growth path .
The net income reported is $3.58 billion which translates to $1/40 per share. The share price of Alibaba closed on Monday at $76.35.