China's Alibaba revenues up as landmark IPO draws near

Reuters News
Posted: Apr 15, 2014 4:51 PM

SAN FRANCISCO (Reuters) - Alibaba Group Holding Ltd accelerated revenue growth in the crucial fourth quarter, a timely lift for the Chinese Internet company as it prepares for a highly anticipated public offering.

China's largest Internet company, which plans to raise as much as $16 billion in a 2014 initial public offering that could value it at more than $140 billion, recorded 66 percent growth in sales to $3.06 billion in the final three months of 2013.

It had experienced several quarters of slowing growth as its torrid pace of expansion cooled, posting its slowest rate of growth in three quarters during the July-to-September period.

On Tuesday, the company that powers four-fifths of all Chinese online consumer shopping recorded a doubling in net income to $1.36 billion.

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Its results were released alongside major shareholder Yahoo Inc's first-quarter numbers on Tuesday.

Alibaba's resurgence helped lift shares in Yahoo, which owns about 24 percent of the Chinese company. The U.S. company's stock was up 8 percent at $36.90 after hours, despite reporting anemic quarterly revenue growth.

(Reporting by Edwin Chan; Editing by James Dalgleish)