Dive Brief:
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Alibaba Group Holding swooped past analysts’ expectations with its report Tuesday of a 19% profit and revenue increase of 54% year-over-year.
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The report was the retail giant’s first public earnings report since going public last month in a record-breaking $25 billion IPO.
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Contrary to many peoples' fears, shopping at Alibaba’s websites has picked up in China, and the retail giant has brought on more vendors to its sites as well.
Dive Insight:
Alibaba continues to impress, and the story for now is growth. The company is seeking to expand outside China and to increase the number and the types of businesses it runs. Alibaba has already made significant investments in Silicon Valley and Hollywood, and is reportedly planning to get involved with Apple on mobile payments.