In brief: Alibaba posts slowest quarterly revenue growth in 3 years

Ecommerce giant Alibaba’s quarterly revenues increased by 41 percent year-on-year to US$17.5 billion. The company’s core commerce unit saw its sales soar 40 percent to US$14.95 billion to account for roughly 85 percent of Alibaba’s total quarterly revenues.

The company’s shares surged over 6 percent on Wednesday despite posting its slowest quarterly revenue growth in three years before the opening bell. Alibaba saw some impressive overall growth and tried to calm investor nerves about China’s economic slowdown.

Source: Nasdaq