e-commerce giant revenue shoots ahead of shopping bonanza Singles Day

E-commerce giant Alibaba reported net profit of $2.6 billion, a 13 percent year-on-year increase. [Photo: Courtesy]

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.