Alibaba's single-quarter revenue hits US$17.46 billion

E-commerce company Alibaba Group Holding's revenue is expected to have risen 44 per cent during the December quarter of 2018

China slowdown weighs on revenue growth at internet giant Alibaba

He said that people are overly anxious about the impact it'll have on China's economy.

On Thursday, Alibaba - the second-most valuable public company in Asia, after Tencent - posted third-quarter revenue of 117.28 billion yuan (€15.3 billion), compared to 83 billion yuan (€10.8 billion) a year earlier. That compares to consensus estimates from Thomson Reuters of $1.68 in EPS and $17.68 billion in revenue, as well as the $1.53 per share and $11.96 billion posted in the same period of a year ago.

Chinese e-commerce leader Alibaba said on Wednesday that net profit increased 37 per cent in the latest quarter as growth in cloud computing and other business lines helped offset a slowing expansion in core online retail.

It was a strong quarter for Alibaba backed by a record Singles Day shopping event for the most part and that should at least provide some encouragement for stocks ahead of the opening bell later.

Anticipating headwinds from economic uncertainty, Alibaba had lowered its revenue outlook for its financial year ending March even before the top sales season.

However, Alibaba's Executive Vice Chairman Joe Tsai noted that sales ticked up in December, but demand for big-ticket items declined.

"We live in an environment where external factors seem to drive investor sentiment regarding Alibaba's business", said Tsai in a call with analysts following the results on Wednesday.

Russian companies may face risks in Venezuela
Maduro, in turn, blasted the move as a coup staged by Washington and said he was severing diplomatic ties with the US. In 2017, the most recent year that data were available, Venezuela accounted for about 6 percent of USA crude imports.

Alibaba's founder, Jack Ma, has previously described the China-US trade spat as the "most stupid thing in the world".

Tsai also shrugged off concerns over the ongoing trade war between the USA and China.

Analysts are expecting consumer spending for this year to slow and tougher business conditions are expected for Chinese ecommerce firms due to a weakening economy.

Alibaba's business diversity and ongoing innovations are helping protect it at a time of economic uncertainty in China - signs of slowing growth and governmental lever-pulling to address that.

The headquarters of private e-commerce giant Alibaba Group in Hangzhou, capital of Zhejiang province.

The strong growth in Alibaba's cloud computing was primarily driven by increased spending from enterprise users.

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