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Alibaba mobilizes Q2 growth


Alibaba Holding Group Inc. profits surged as a result of a one-time benefit in the second quarter of fiscal 2016, while mobile sales boosted revenue.

A revaluation of Alibaba’s holding in its Alibaba Health Information Technology Ltd. subsidiary drove year-over-year net income growth of 657% to $3.57 billion, from $480 million.

Meanwhile, strong growth in mobile transactions pushed revenue up 32% to $3.49 billion, from $2.65 billion. Mobile revenue in China continued a pattern of sharp increases, rising 183% to $1.65 billion, from $590 million. Profit and sales both beat analyst expectations.

“This was a great quarter for Alibaba Group, with strong growth across the board and particular outperformance in mobile,” said Daniel Zhang, CEO of Alibaba Group. “We are winning in mobile and remain focused on our top strategic priorities, including internationalization, expanding our ecosystem from cities to villages, and building a world-class cloud computing business.”

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