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Alibaba's profit doubled for second quarter this year

Alibaba's profit has nearly doubled for the second quarter of this year. Alibaba Group reported a net profit of US$ 2.2 billion for the second quarter of 2017, up 96 percent from second quarter profits in 2016. A US$7.4 billion or 56 percent increase from about 466 million active buyers who traded over the past 12 months was impressive.

Tinuku Alibaba's profit doubled for second quarter this year

Core Alibaba's trade business provides a majority of revenues of US$ 6.4 billion, but 58 percent of annual growth is driven more by smaller business units considered to be signs of future prospects.

Now Alibaba has a valuation of about US$400 billion and competes with Tencent Holdings as another Chinese giant. The announcement on Thursday put Alibaba shares for global investors in addition to Facebook with a US$490 billion valuation and Amazon with US$470 billion.

"Alibaba has a strong start to 2018 driven by the strength and diversity of our business and the added value we provide to consumers through existing platforms. Technology is driving significant growth in our business and strengthening Alibaba's position not just the core trading sector,"Alibaba Group CEO Daniel Zhang said.

One of the most impressive units is cloud computing which grew 96 percent and recorded revenue of US$359 million. Alibaba also said the number of users of cloud computing services has surpassed 1 million clients.

Alibaba has spent most of its profits to Southeast Asia by buying 83 percent of Lazada's US$2 billion stake and a recent announcement of US$1.1 billion of investments into Tokopedia as a strategic move to seize the Southeast Asian market from Amazon's threat to the region this month.

The other sector is an Ant Finance affiliate responsible for trillions of dollars of money transfers each year continuing to expand the business and have an offer for MoneyGram as a money transfer company to America.

Investors are becoming more aware that Alibaba and Tencent have gone into daily life, shopping and entertainment. Tencent which offers video games and social media services that are very popular on Wednesday also announced increased quarterly profits and keep their stocks high.

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