Alibaba sees net income doubled
updated 07:44 pm EST, Mon November 12, 2012
Alibaba pulls in $293 million, up 113.4 percent yoy
Alibaba's net income has more than doubled year-over-year, according to filings released by Yahoo last week. The filings, given by Yahoo to the Securities and Exchange Commission, reveal that the privately held Chinese e-commerce company's incomes were up 113.4 percent year-over-year to $293 million for the quarter. The company's top-line rose 70.6 percent year-over-year to hit $1.1 billion for the quarter ending in June.
Alibaba released the figures to Yahoo because Yahoo still holds a quarter of Alibaba even after selling back a significant portion of the company as Alibaba prepares to go public. Prior to resale, Yahoo held about half of Alibaba.
For the nine months ending in June, Alibaba's net income increased to $781 million. As The Financial Times notes, that makes Alibaba the second-largest online company in China by revenue, ahead of Baidu and behind only Tencent Holdings.
