Net income at Alibaba, the fast-growing Chinese ecommerce website quarter-owned by Yahoo, more than doubled as China’s online economy continues to boom despite economic slowdown elsewhere in the country.
Net income leapt 113.4 per cent year-on-year to $293m as revenues continued to surge. Its top-line rose 70.6 per cent year-on-year to $1.1bn for the quarter to the end of June.
The numbers were released by Yahoo in a filing to the Securities and Exchange Commission last week. Alibaba is a private company and does not release numbers to the market. Yahoo, however, still owns 24 per cent of Alibaba’s common stock.
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