Alibaba Sees Profits Hit $680 Million, Revenue $1.38 Billion in Latest Financials

Yahoo’s (NASDAQ:YHOO) Q2 financial report is out, which means we also get to see lots of data from Chinese e-commerce titan Alibaba, in which Yahoo has a 24 percent stake. While Yahoo’s numbers are going down, Alibaba’s are up. Way up.

Alibaba clocked up $1.38 billion in revenue in Q2 2013, up 71 percent; net income (basically, profits) rocketed 189 percent year-on-year to reach $680 million. That means Alibaba outperformed Yahoo in terms of outright revenue (Yahoo’s was $1.07 billion).

Alibaba runs two of China’s top online stores in the form of Taobao and Tmall, and also has the global B2B sourcing platform Alibaba.com. Taobao and Tmall pulled in $159 billion in sales in China in the first 11 months of 2012 as e-commerce continues to soar in China.

Road to IPO

Hangzhou-based Alibaba has been diversifying in the past year with a bunch of social and mobile-oriented acquisitions and investments, such as a $294 million stake in map makers Autonavi, and a $586 stake in Sina Weibo, China’s hottest social network.

These Alibaba financials look like good ones to lead into its long-awaited IPO. The latest rumors yesterday in Chinese media claim that the Alibaba IPO will happen in Hong Kong, not the US, and that it’d see the e-commerce group raise $16 billion and be valued at $80 billion. No official word on any of that yet.

(Source: TheNextWeb)

(Editing by Anh-Minh Do)