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China's Q3 revenue climbs 52%, matching expectations

[BEIJING] Inc, China's second largest e-commerce firm, said third-quarter revenues rose 52 per cent from a year ago, in line with expectations on Monday, as user numbers and orders grew at a rapid clip.

However, the results mark's first quarter-on-quarter decline in revenue and its slowest annual growth rate in at least two-and-a-half years. said revenues for the three months ended September were 44.1 billion yuan (S$9.8 billion), versus an expected 44.29 billion yuan, according to Thomson Reuters I/B/E/S. in August forecast third-quarter revenues of 43.2-44.7 billion yuan, and warned the results could be hurt by the impact of China's economic slowdown on online consumer spending.

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Its net loss widened to 530.8 million yuan, more than three times bigger than its loss in the same quarter a year ago as costs increased for its main business of selling its own stock of goods to customers. Ballooning marketing expenses also took their toll.