Investing.com - China's Alibaba (N:BABA) is squeezing more money from online shopping than expected, beating analyst forecasts for revenue growth and putting its shares on track for their biggest daily rise since the firm's blockbuster flotation.
The company wrung out higher-than-expected revenue growth of 32% year-on-year, even as gross merchandise volume, the total value of goods transacted across its platforms, sank to its slowest annual growth rate in more than three years.
Alibaba's revenue rose to $3.49 billion in the third quarter, beating the average analyst estimate of $3.44 billion.
The majority of Alibaba's revenue comes from China's online shoppers buying from domestic businesses.
Alibaba's New York-listed shares were up 6% in morning trade.