China’s internet commerce behemoth
Alibaba announced a jump in profit since its initial public offering in
September. Alibaba’s profit grew 16 per cent from the same period a year earlier
as the company’s sites benefited from the growing number of Chinese turning to
the Internet to shop.
Alibaba shares have also risen about 50
per cent since it raised nearly $21.8 billion in the highly anticipated initial
stock sale. The listing even surpassed the offering of Facebook, the American
social media giant. Now with a market value of more than $250 billion, Alibaba
is worth more than Facebook.
Alibaba said that in the quarter ended
Sept. 30, its net profit jumped to $1.1 billion and its revenue rose 54
per cent, to $2.7 billion.
Alibaba also reported net profit using
generally accepted accounting principles of $494 million, a drop of 39 per cent
from the same period a year earlier. The company cited costs related to stock
awards before its listing and acquisition-related expenses.
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