Here’s what you need to know for today.

1. Alibaba’s revenue jumps 54%

The Chinese e-commerce giant reported net income of $2.47 billion with total revenue of $7.67 billion for its Q3 2016.

The primary source of revenue remains Alibaba’s core commerce businesses — its Taobao marketplace and T-Mall service for brands.

The firm is looking to plant further roots in China’s e-commerce industry by expanding its offline presence. That explains its $2.6 billion bid to fully acquire one of China’s prominent shopping mall and department store operators, Intime.

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2. Alibaba’s local commerce platform, Koubei, raises $1.1 billion

Koubei, an Alibaba affiliate company focused on enabling local commerce, closed a $1.1 billion financing round this month. The funding was led by Silver Lake, CDH Investments, Yunfeng Capital and Primavera Capital.

What is Koubei?: Koubei is a joint venture founded in 2015 by Alibaba and Ant Financial, an Alibaba offshoot that manages its Alipay service and other financial tech initiatives. The idea behind it is to generate business for local retailers by bringing them online, while also offering new commerce opportunities for consumers.

Example?: Helping a local pizza chain reach new customers or making a pop grocer more accessible to people with limited time to go in person.

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3. Walmart will cut 200 ecommerce jobs in the US

Tuesday’s cuts are intended to shift the retailer’s ecommerce staff toward more shopper-facing roles, said spokesman Dan Toporek. For example, sells millions more products than a year ago, requiring more employees that manage those items online, he says.

Read the rest of the story here.

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