Alibaba Group reported net profit in the quarter of US$1.4 billion, up from US$642 million from the same quarter in the previous year.   Revenues in the period grew 66% compared with the same quarter in 2012, amounting to US$3.1 billion.

The company attributed the 11th November online shopping festival as a key driver of growth, during which and, Alibaba’s consumer-focused e-commerce platforms, reported a combined value of goods traded on their platform of RMB 35 billion (US$5.62 billion) in a single day.

Source:  Business Strategies Group Hong Kong  –