The biggest online retailer for electronic items is Alibaba, the world’s largest e-book seller, according to data released Monday by the research firm.
The company’s sales and revenue soared 11% to $9.3 billion in the third quarter of this year, up from $8.6 billion in 2017.
The jump in sales and revenues is the biggest since Alibaba launched its online shopping platform last year.
“The company continues to be the leader in the e-commerce space and it continues to innovate and expand,” said Brian P. Klaas, Alibaba’s senior vice president of digital commerce.
“We expect to see strong growth for the foreseeable future.”
Alibaba said it expects to report fourth-quarter earnings of $1.13 per share, which would be the biggest fourth-half earnings ever.
The stock has risen as much as 10% this year.
Alibaba has about 3.6 million retail customers and its online store, which includes online and offline sales and other sales, has more than half of the ebooks sold.
It also offers a variety of other products, including furniture, apparel, and electronic appliances.
Alibaba has a long-standing relationship with Amazon.com Inc., but Amazon was forced to merge with Whole Foods Market Inc. in 2018, after the company lost control of the wholesale market for its products.
The deal was criticized by consumers and the consumer advocacy group Better Markets as a direct result of the consolidation.
Amazon has been increasing its focus on e-readers, which are also a lucrative way to boost revenue for its online marketplace.
The rise in Alibaba’s online sales and sales of its e-reader products has fueled a surge in Amazon.
The Seattle-based company, which has about 5,600 employees worldwide, reported a 6% jump in revenue for the third straight quarter.
Alibaba shares closed at $1,067.63 on Monday, up about 6% from the previous close. Amazon.