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Alibaba Group's Q3 profit skyrockets 649%

Oct 28, 2015 (China Knowledge) – Alibaba Group Holding Co. Ltd, China's online shopping giant, saw its net profit soar 649% year on year to US$22.7 billion in the three months ending Sep 30, 2015, according to the e-commerce giant's Q3 financial report.

The report showed that Alibaba's revenue in Q3 expanded 32% from the year before to RMB 22.17 billion.

Meanwhile, the company's cloud computing service realized a revenue of RMB 649 million, surging 128% year on year, as is shown in the report.

The company's gross merchandise volume on its retail marketplaces in China grew 28% from the year earlier and accounted for 9.6% of the total retail sales of consumer goods in the country, said the report.

In the past three months, the group has seen a year on year surge of 128% in its cloud computing revenue. "Cloud computing is one of Alibaba's core strategies in the coming ten years and we will devote all efforts into the data technology and computing power," said Jack Ma, the founder and executive chairman of Alibaba Group.

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