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What China slowdown? Alibaba blows away forecasts

Alibaba taps into the 'Chinese Internet economy'

Many investors remain worried about the health of China's economy. But it looks like the Chinese are still shopping until they drop. The country's e-commerce giant Alibaba reported a huge jump in sales that topped Wall Street's forecasts.

Alibaba said on Thursday that revenue for its fiscal second quarter surged nearly 60% from a year ago to $4.84 billion, easily surpassing analysts' estimates for sales of $4.54 billion.

Mobile revenue more than doubled. Alibaba now has 427 million mobile monthly active users, an increase of almost 40% from last year.

Alibaba chief financial officer Maggie Wu said the company's sales growth was the highest since the company went public in September 2014. And she added that this was the first time Alibaba made more money from mobile users than desktop users.

The company also reported a net profit, after backing out some...