Alibaba profits fail to fend off stock plummet

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Alibaba has announced its Q3 results, reporting a rise in profits.

Net profits were up to $964 million, a year-on-year increase of 28 percent. Meanwhile, revenue for the quarter was $4.219 billion, an increase of 40 percent from the previous year.

However, a levelling off of revenue growth and recent accusations of Alibaba failing to police fake goods being sold on its platform saw the Chinese e-commerce group’s share price plummeting 10 percent in early trading.

"We delivered a strong quarter with significant growth across our key operating metrics," said Jonathan Lu, chief executive officer of Alibaba Group.

"Alibaba performed very well this quarter, with revenue growing 40% year on year," added Maggie Wu, chief financial officer of Alibaba Group. "We continue to execute our focused growth strategy, and the fundamental strength of our business gives us the confidence to invest in new initiatives to add new users, improve engagement and customer experience, expand our products and services and drive long-term shareholder value."

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