China's Alibaba Group Holding Ltd is squeezing more money from online shopping than expected, beating analyst forecasts for revenue growth and putting its shares on track for their biggest daily rise since the firm's blockbuster flotation.
The strong results for the three months through September, announced on Tuesday, partly reflected healthy growth in shopping on mobile phones.
"Mobile is the trend and Alibaba is capturing that trend," said T.H. Capital Research analyst Tian Hou.
Alibaba's New York-listed shares were up 6 percent in morning trade.
The company wrung out higher-than-expected revenue growth of 32 percent year-on-year, even as gross merchandise volume , the total value of goods transacted across its platforms, sank to its slowest annual growth rate in more than three years.