engine - 2:29 pm on Jul 17, 2013 (gmt 0)
Alibaba Group Holding Ltd., China’s largest e-commerce company, tripled first-quarter profit on surging sales as it prepares for a possible initial public offering.
Net income rose to $669 million in the three months ended March from $220 million a year earlier, Yahoo! Inc. (YHOO), which owns a stake in the Hangzhou, China-based company, said in a presentation yesterday after reporting earnings. Alibaba Q1 Net Income Triples to $669 Million [bloomberg.com]