Alibaba revenue surges in 2nd quarter
Updated: 2014-11-04 22:09
Alibaba's overall revenue surged 54 percent to $2.74 billion in the second quarter, said the Internet behemoth in its first quarterly report as a publicly listed company on Tuesday.
The growth in revenue during the period from July to September was the fastest in three quarters. The company earned 45 cents per share.
Despite the revenue growth, the company reports a net income of $494 million, a 38.6 percent decrease from the previous year. Alibaba attributes the drop to share-base compensation charges, increased amortization expenses and an increase in taxes.
Hot off its record-breaking $25 billion IPO in September, the Chinese company saw its share price surge to close to 50 percent above its initial offer. Now with a market valuation close $250 billion, the company is worth more than Facebook, Walmart and Ebay.
Shares of Alibaba on Tuesday morning during pre-market trading had peaked at $106 before droping down to its Monday close price of $102. The increased interest in the company marks a continuous positive sentiment after a joint comment by Alibaba and Apple on a potential partnership.
According to Reuters, Alibaba's chairman Jack Ma said he'd be receptive to working with Apple on a mobile payments system.
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