Photo: Reuters, Steven Shi
Photo: Reuters, Steven Shi

Alibaba posted a record year of revenue for 2016, tapping into the booming Chinese e-commerce market.

“We reported another excellent quarter, with revenue growth accelerating to 60%, the highest growth rate we’ve achieved since our IPO,” Alibaba’s chief financial officer Maggie Wu was quoted as saying in a phone conference announcing results.

But the company’s profit fell short of expectations, with a net income of US$1.55 billion, or 60 cents a share. Adjusted earnings were 63 cents per share, versus the FactSet consensus forecast of 65 cents, according to MarketWatch.  Shares were down 2.3% at 10:30 am in New York trading.

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