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LequteMan
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Alibaba, Chinese e-commerce giant according to the BBC has reported a 15 per cent rise in quarterly profits in its first set of results since it listed its shares in New York, with net income in the July-to-September rosing to $1.1bn (£687m).
Alibaba, founded in 1999 by Jack Ma, floated in New York in September, breaking records by raising $25bn.
After taking account of certain one-off costs in the quarter, net income fell by 39 per cent. The costs included $490m in incentive and retention payments to certain executives, and the costs of consolidating newly bought businesses, as well as other investments and marketing costs.
Revenue rose 53.7 per cent to $2.74bn, its fastest growth for three quarters, with mobile revenues accounting for 22 per cent of the total.
Alibaba’s platforms carry 80 per cent of Chinese online commerce, a fast-growing market where spending is forecast to triple from its 2011 level by 2015.
#AliBaba #BBC
Alibaba, founded in 1999 by Jack Ma, floated in New York in September, breaking records by raising $25bn.
After taking account of certain one-off costs in the quarter, net income fell by 39 per cent. The costs included $490m in incentive and retention payments to certain executives, and the costs of consolidating newly bought businesses, as well as other investments and marketing costs.
Revenue rose 53.7 per cent to $2.74bn, its fastest growth for three quarters, with mobile revenues accounting for 22 per cent of the total.
Alibaba’s platforms carry 80 per cent of Chinese online commerce, a fast-growing market where spending is forecast to triple from its 2011 level by 2015.
#AliBaba #BBC
