Alibaba posted some unexpectedly good financial results, and now the company's stock is unstoppably rising.
The financial results for the second quarter, which ended in September, have prompted the company’s shares to rise as much as 6 per cent.
According to a Business Insider (opens in new tab) report, it rose 10 per cent in pre-market.
The Chinese e-commerce giant posted sales of 22.2 billion yuan (£2.29 billion) while analysts had estimated sales of 21.3 billion yuan (£2.19bn). Net income was 22.7 billion yuan (£2.35 billion).
According to the BI report, there’s another metric which is closely monitored, and Alibaba excelled at that one, as well.
The so-called gross merchandise volume monitors the total value of transactions made across the Alibaba marketplace, and in this quarter it rose 28 per cent year-on-year, to 713 billion yuan (£73.2 billion)
"Our ecosystem continues to thrive," the company said of its China retail marketplace. "User engagement is healthy with more buyers purchasing across more categories."
The e-commerce giant recently continued its expansion into the US, announcing a second data centre in the country. The Chinese firm, best known for its portfolio of e-commerce services, launched its first data centre in Silicon Valley back in March as part of an ambitious $1 billion cloud investment drive.
Customers can apply to access 13 different cloud services from the new AliCloud data centre from Monday, including Elastic Compute Service (ECS), Analytic Database Service (ADS) and Cloud Monitor System (CMS).
Although not as well-known as the likes of Amazon Web Services, Alibaba hopes to use its domestic success as a springboard for international growth.