Ping An Insurance, China's second largest insurer in terms of market value, reported a better-than-expected 6.5 per cent rise in net profit for the first six months in 2017, and proposed a dividend of 0.5 yuan per share on Thursday. On an adjusted basis, when taking out one-time gains and costs, earnings were $1.17 per share per share, which beats Thomson Reuters consensus estimates of 93 cents per share.
Alibaba's total revenue rose 56 percent to 50.18 billion yuan ($7.52 billion or 4.42 billion euros) for the three months ended June 30, causing net income to almost double to $2.17 billion - a rise by 94 percent.
Yesterday's results show the firm, one of Asia's most valuable companies, is benefiting from more Chinese buying an increasing proportion of everything from food to clothing to luxury items online. Notably, revenue from commerce increased 58 percent year over year and cloud computing revenue increased 96 percent year over year.
"Alibaba had a strong start to fiscal 2018, reflecting the strength and diversity of our businesses and the value we bring to customers on our platforms", said CEO Daniel Zhang in a statement.More news: Top Lashkar ultra killed in Pulwama
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The company reported a 58 per cent rise in its core commerce operations to 43 billion yuan, while cloud revenue nearly doubled to 2.4 billion yuan as the number of paying customers for the business surpassed one million.
Alibaba's stock is up more than 81 percent this year, buoyed by company predictions of strong full-year revenue growth of between 45 and 49 percent.
The company is betting data and cloud technology can change the way brands monitor inventory and enable them to ship goods based on real-time demand while also rendering multiple layers of middlemen redundant. "Alibaba is well poised to maintain its leadership position in China's e-commerce and digital ad market", Shum said.
Revenue in the entertainment business rose by 30 percent to 4 billion yuan.