Alibaba first quarter net profit jumps to $4.97bn

Chinese e-retail giant Alibaba said Wednesday it more than doubled net profit to $4.97 billion in the first quarter thanks to exceptional gains, but sales growth was less than expected.

In pre-session electronic trading Alibaba shares fell nearly five percent.

Revenue rose 28 percent to $3.27 billion in the three months ended June 30 from same period a year ago, below analysts' expectations of $3.39 billion.

The profit jump stems from an exceptional gain of $3.99 billion linked to a re-evaluation of the company's stake in Alibaba Pictures, which is involved in the movie business.

The rise in sales was driven by retail trade in China, which accounted for 78 percent of revenue in the first quarter, the company said in a statement.