Alibaba net profit soars 35% to $3.7 billion in Q3

Rising to $3.7 billion, Chinese e-commerce giant Alibaba posted a 35 percent rise in net profit in the third quarter, thanks to the annual Singles Day sales bonanza in November.

Alibaba chief executive Daniel Zhang said in an earnings report, "Alibaba had another great quarter driven by the continued strength of the Chinese consumer and the wide and innovative range of services we provide for merchants and consumers."