Alibaba Group Earnings Triple In Q1
By Ding Yining |
July 18, 2013, Thursday
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Print Edition
Print Edition
EARNINGS at Alibaba Group, China's largest e-commerce company, more than tripled to US$680 million in the first quarter, from US$220 million a year earlier, making it the most profitable Chinese Internet company.
Revenue jumped 71 percent to US$1.38 billion in the three months ending on March 31, as Alibaba's popular online shopping sites kept attracting vendors and shoppers, according to an earnings slide released by Yahoo yesterday. Yahoo holds about 24 percent stake in Alibaba Group.
The Hangzhou-based private company's businesses cover platforms for small vendors and export companies to receive orders from overseas buyers and consumer-oriented shopping platforms.
In comparison, Tencent, China's largest Internet company by market value, saw a profit of US$657 million in the first quarter.
Revenue jumped 71 percent to US$1.38 billion in the three months ending on March 31, as Alibaba's popular online shopping sites kept attracting vendors and shoppers, according to an earnings slide released by Yahoo yesterday. Yahoo holds about 24 percent stake in Alibaba Group.
The Hangzhou-based private company's businesses cover platforms for small vendors and export companies to receive orders from overseas buyers and consumer-oriented shopping platforms.
In comparison, Tencent, China's largest Internet company by market value, saw a profit of US$657 million in the first quarter.
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