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Alibaba's first profit figures show rise of 15% Alibaba's profits up 15% in first results after flotation
(about 2 hours later)
The Chinese e-commerce giant Alibaba has reported its first profits as a public company. Chinese e-commerce giant Alibaba has reported a 15% rise in quarterly profits in its first set of results since it listed its shares in New York.
They show a rise in third quarter net income of 15% to $1.1bn (£687m). Net income in the July-to-September rose to $1.1bn (£687m).
The company, founded in 1999 by Jack Ma, floated in New York in September, breaking records with a price tag of $25bn. Alibaba, founded in 1999 by Jack Ma, floated in New York in September, breaking records by raising $25bn.
The shares have traded around 45% above the listing price in expectation that the firm's rapid growth will continue. In pre-market trading they are up 4%. The shares have traded around 45% above the listing price in expectation that the firm's rapid growth will continue. In pre-market trading they rose 3%.
The firm, often described as a combination of e-Bay and Amazon, has had a dominant position in China's e-commerce market, but there has been speculation that its main source of earnings - from advertising and sales commissions - might be affected by the country's slowing economy. After taking account of certain one-off costs in the quarter, net income fell by 39%. 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.
It says it is the largest online and mobile commerce company in the world in terms of volume. Revenue rose 53.7% to $2.74bn, its fastest growth for three quarters, with mobile revenues accounting for 22% of the total.
Alibaba's companies include the Taobao and Tmall.com retail websites, which are household names in China but little known outside the country. Dominant
Alibaba's platforms carry 80% of Chinese online commerce, a fast-growing market where spending is forecast to triple from its 2011 level by 2015.
Often described as a combination of eBay and Amazon, Alibaba does not sell its own goods, but links buyers and sellers. It says it is the largest online and mobile commerce company in the world in terms of volume.
There has been speculation that its main source of earnings - from advertising and sales commissions - might be affected by China's slowing economy.
Alibaba's companies include the Taobao and Tmall.com retail websites, which are household names in China but little-known outside the country.
It plans to expand into emerging markets, and, eventually, to operate in the US and Europe.