China’s Alibaba trumped analysts’ expectations with a 42 per cent year-on-year jump in quarterly revenues to Rmb114.92bn ($16.3bn), a day after its rival Tencent disappointed the market by posting more modest growth.
Alibaba’s roots in ecommerce have allowed it to benefit from the rise in online shopping, a sector subject to less regulatory pressure than gaming and messaging, which are Tencent’s biggest businesses.
The robust numbers are the last to be reported before founder Jack Ma hands over the reins as chairman to Daniel Zhang, chief executive officer, next month, part of a changing of the guard that has been accompanied by a broader reshuffle among the top ranks of the two-decade-old company.
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