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Revenue growth slowed to 41 percent in the quarter, with sales in its core e-commerce business coming in at 40 percent. Bloomberg analysts expected revenue of Dollars 17.77 Billion and earnings of USD 1.68 per share.

Alibaba's cloud revenue rose 84% in the December quarter, partly due to the decision to take control of delivery network Cainiao, video platform Youku, and meals-on-demand service Ele.me.

Tsai also brushed aside concerns about the trade war, saying that people were overly anxious about its impact on China's economy.

Tech investors have fretted over the impact of a slowing Chinese economy and a crippling Sino-U.S. trade war, which have been blamed for weak results at a slew companies including Apple Inc and chipmakers.

Alibaba, the second most valuable public company in Asia after Tencent, posted on Thursday third-quarter revenue of 117.28 billion yuan (13.33 billion pounds), compared with 83 billion yuan a year earlier. In December, Alibaba agreed to increase its stake in the Pictures company to 50.92 percent from 49 percent, by subscribing to HKD 1.25 billion in new shares.

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Alibaba did not issue any guidance for the fiscal fourth quarter.

Alibaba's chief executive Daniel Zhang said the group's growth is driven by the power of Alibaba's cloud and data technology that "helps expedite the digital transformation of millions of enterprises". Even though the e-commerce company scored a record intake of $30 billion (£22.9 billion) on last year's Singles' Day, the annual growth of the event dropped to the weakest rate in its decade-long history.

Anticipating headwinds from economic uncertainty, Alibaba had lowered its revenue outlook for its financial year ending March even before the top sales season by 4 to 6 percent to the range of between 375 billion yuan and 383 billion yuan ($54.4 billion to $55.6 billion).

Last year, the economic growth of China slowed to its weakest in almost 30 years, with the growth expected to decline even further in 2019.

"As Chinese consumers upgrade their lifestyles, they will purchase higher-quality products as well as more services and entertainment", CLSA said, adding that Alibaba was well-placed to profit from this.


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