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Fueled By Online Spending, Chinese Alibaba Sales Jump 61pc

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LAHORE MIRROR (Monitoring Desk)– Chinese E-commerce giant Alibaba Group Holding Ltd has reported a 61 percent increase in sales, as Chinese consumers continued to spend on the internet despite slowing economic growth of the second biggest economy of the world.

The e-commerce titan records strong growth at core e-commerce business though earnings fell 41pc on stock compensation charge.

In a statement issued by the company on Thursday, Alibaba said its core e-commerce business continued charging ahead in the most recent quarter, driving overall revenue up 61pc from the year-earlier period to 80.9 yuan ($11.83billion).