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China's reports 25% jump in quarterly revenue

China's reports 25% jump in quarterly revenue
November 18, 2021 Web Desk

SHANGHAI (Reuters) – Chinese e-commerce firm Inc reported on Thursday a 25.5% rise in quarterly revenue, boosted by sustained demand for online shopping.

People shopped heavily online during the peak of the COVID-19 pandemic, benefiting e-commerce companies and they continue to see higher demand due to widespread outbreaks of the contagious Delta and other variants globally.

The company's results come amid China's regulatory crackdown on the tech industry that has led to an upheaval in sectors such as e-commerce, ride-hailing and gaming.

Its net loss attributable to ordinary shareholders was 2.81 billion yuan, from a profit of 7.56 billion yuan, a year earlier.

The company's net revenue rose to 218.7 billion yuan ($34.27 billion) in the third quarter.