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Alibaba Group Holding Ltd. posted a jump in revenue and profit on unexpectedly solid online sales, driving up its stock to new highs on Thursday.
The Chinese e-commerce giant said its Q1 earnings almost increased by twofold compared to the same period last year to $2.2 billion. Sales jumped 56 percent to $7.4 billion, surpassing average estimates by analysts.
Shares of the company ended 2.8 percent up to $163.92 in New York, topping the stock's record close of $159.50 per share hit on Wednesday. So far this year, the stock has risen by 87 percent.
Alibaba has managed to capture the huge portion of China's online retail activity, by targeting the country's growing middle class. Its consumer-to-consumer selling, its Tmall online marketplace, it has managed to be an industry giant in the Chinese market.
The company has also introduced new features to its application in order to improve user experiences, leveraging its tech to personalize the home page of every shopper and bring them to targeted ads. So far, Alibaba's mobile monthly active users is now over 520 million.
Despite its surge this year, Alibaba is looking for new ventures in order to maintain its momentum as the e-commerce growth in the country slows. It is now looking into providing logistics services and said it is looking to take part in an investment in PT-Tokopedia.
