Alibaba’s revenue growth eases

Beijing: Chinese e-commerce giant Alibaba said second quarter revenue growth slowed to 40 percent on-year Friday, although net profits more than tripled thanks in part to a one-time payment from a fintech affiliate.

Total revenue was 119 billion yuan ($16.9 billion), with growth down from 42 percent in the April-June period and 54 percent in last year´s second quarter, a company statement said, in its first earnings report since founder Jack Ma stepped aside as chairman in September.

The second quarter jump in net profits was partly due to a one-time payment received in September as part of a deal in which Alibaba acquired 33 percent equity in fintech affiliate Ant Financial while ending a previous profit sharing arrangement, the company said.

In a presentation to investors Friday Alibaba attributed the group´s continued revenue growth -- which comes amid a slowdown in the world´s number two economy -- to "robust" expansion of its China retail and cloud businesses.