Chinese e-commerce giant Alibaba Friday posted a 54 percent boost in revenue in the second quarter and saw profits rebound ahead of Singles Day, the largest shopping holiday of the year in China. Alibaba reported a net profit of 20 billion yuan ($2.9 billion), a 13 percent year-on-year increase, with strong revenue from its core business. This compared to a 41 percent drop in profits in the previous quarter after Alibaba handed out compensation awards for employees related to Ant Financial, Alibaba’s finance affiliate.
