Alibaba sales soar 40%
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Chinese eCommerce giant Alibabahas reported a 40 per cent increase in sales in the quarter to December.
But its net profit for the period plunged 28 per cent to $US964 million impacted by a one off charge and higher taxes.
Based in Hangzhou, Alibaba owns China’s most popular online trading platform, Taobao.
Alibaba Group’s total sales for the quarter reached $US4.219 billion, and earnings per share rose 13 per cent to 81 US cents.
The company executed the world’s biggest IPO when it listed on the New York Stock Exchange last September.
Questions & Answers
Q.What was the main reason for Alibaba's significant drop in net profit despite strong sales growth?
What was the main reason for Alibaba's significant drop in net profit despite strong sales growth?
The company's net profit plunged by 28 per cent due to the impact of a one-off charge and higher taxes during the quarter. This significantly reduced their profitability despite increased revenue.
Q.When did Alibaba complete its initial public offering, and where was it listed?
When did Alibaba complete its initial public offering, and where was it listed?
Alibaba executed the world's biggest initial public offering last September. The company was listed on the New York Stock Exchange, marking a significant milestone for the Chinese e-commerce giant.
Q.What is Alibaba's total sales figure for the recent quarter?
What is Alibaba's total sales figure for the recent quarter?
Alibaba Group's total sales for the quarter reached $US4.219 billion. This represents a 40 per cent increase in sales for the Chinese e-commerce giant during the period.