Alibaba Net More Than Doubles After Commissions Increase
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Alibaba Group Holding Ltd., China’s largest e-commerce company, had profit that doubled in the three months ended in December after commissions likely increased on surging sales.
Net income at Alibaba jumped to $642.2 million in the quarter ended December from $236.9 million a year earlier, according to a Yahoo! Inc. filing to the Securities and Exchange Commission. Revenue rose 80 percent to $1.84 billion, Sunnyvale, California-based Yahoo, which owns about a 24 percent stake in Alibaba, reported. John Spelich, an Alibaba spokesman in Hong Kong, declined to comment today.