Chinese e-commerce giant Alibaba has reported its slowest revenue growth since 2016, despite exceeding expectations and posting net income growth of more than 30% for the quarter ending Dec. 31.

The company’s quarterly revenue grew by 41% year-on-year, down from 56% in December 2017. Nevertheless, revenue increased to RMB 117.3 billion ($17 billion) during the reporting period, up from RMB 53.2 billion in 2016 and RMB 83 billion in 2017.

Quarterly sales from its core commerce business increased 40% year-on-year to RMB 102.8 billion, thanks in no small part to the Double11 shopping festival, which netted RMB 213.5 billion in gross merchandise value on Nov. 11.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.