Alibaba supports retail sales in China up 42%

Alibaba's quarterly revenue jumped 42% due to higher retail sales in China, as well as food and cloud delivery service business activity.

Revenues rose 42 percent to 114.9 billion yuan ($ 16.3 billion) in the three months to June, exceeding badysts' expectations by 111.6 billion yuan. . The company's net profit more than doubled in one year to settle at 21.2 billion yuan. Alibaba has announced a share repurchase program of up to $ 6 billion over two years.

Alibaba is considering a major change in its management. Chief Executive Officer Daniel Chang is ready to replace billionaire founder Jack Ma as chairman of the board of directors in September.