Ron Burgundy Posted May 7, 2015 Share Posted May 7, 2015 By John Ruwitch and Paul Carsten SHANGHAI/HONG KONG (Reuters) - Alibaba Group Holding Ltd on Thursday posted a 45 percent rise in quarterly revenue, and shares of the Chinese e-commerce company jumped nearly 7 percent as investors cheered a smoother-than-expected transition to mobile transactions, which surpassed those from personal computers for the first time. The company said Chief Operating Officer Daniel Zhang would become chief executive on May 10, replacing Jonathan Lu. Lu was CEO for two years, a low-key leader who was frequently eclipsed by outspoken founder and Executive Chairman Jack Ma. Alibaba's quarterly revenue jumped 45 percent to $2.81 billion, beating the average analyst estimate of $2.77 billion according to Thomson Reuters I/B/E/S. Shares jumped 6.9 percent to $85.54 at midday in the U.S. trading session. View the full article Quote Link to comment Share on other sites More sharing options...
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