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Alibaba revenues leap after ‘record’ Singles Day

Chinese ecommerce giant Alibaba Group’s revenues soared by 56% in its final quarter last year following a “record-breaking” Singles Day performance.

Revenue hit RMB83bn (£9.2bn) in the three months to 31 December 2017.

As a result, the etailer has lifted its revenue growth forecast for 2018 from 55% to 56%.

Daniel Zhang, CEO of Alibaba Group, said: “Alibaba had another great quarter driven by the continued strength of the Chinese consumer and the wide and innovative range of services we provide for merchants and consumers.”

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