Alibaba’s profit doubles to $2.1B

Alibaba had another blockbuster quarter of business as its profits almost doubled. The Chinese e-commerce giant reported net profit of 4.7 billion RMB ($2.1 billion) for its recent quarter that finished June 30 — that’s up 94 percent year-on-year. Total revenue grew 56 percent to reach 50.2 billion CNY ($7.4 billion), easily exceeding estimates, with the firm…

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