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Alibaba Revenue Jumps on Strong China Demand

Quarterly revenue for the Chinese company jumped 46.3 percent to $2.54 billion due to a rise in domestic sales

Chinese e-commerce giant Alibaba’s quarterly revenue jumped 46.3 percent to $2.54 billion due to a rise in domestic sales.

Net income attributable to ordinary shareholders nearly tripled to $1.99 billion, or 84 cents per share, for the first quarter ended June 30.

Revenue from its China commerce retail business increased 45.8 percent to $2.04 billion.

The company — expected to go public as early as next month — said Chairman Jack Yun Ma owned 8.8 percent ordinary shares and Softbank Corp had a 34.1 percent stake, as of June 30.

(Reporting by Abhirup Roy in Bangalore; Editing by Joyjeet Das)

This article originally appeared on Recode.net.

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