By Jonathan Davies

Alibaba has reported an impressive $1.1bn profit in its first trading update since floating on the stock market.

The figure relates to the three months to the end of September and is slightly less than analysts were expecting.

But Alibaba chief executive Jonathan Lu said that retail volume in China was up 49% during the period. The internet giant now has 217 million monthly active users on its mobile commerce apps.

In September, Alibaba broke US stock market history by raising more than $25bn in its IPO.

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