Arab Today, arab today alibaba earnings leap on cusp of stock market debut
Last Updated : GMT 23:49:03
Arab Today, arab today
Arab Today, arab today

Alibaba earnings leap on cusp of stock market debut

Arab Today, arab today

Arab Today, arab today Alibaba earnings leap on cusp of stock market debut

Alibaba advertising in Hong Kong
New York - AFP

Just weeks ahead of its expected debut on the New York Stock Exchange, Chinese Internet colossus Alibaba reported that its quarterly profit nearly tripled on surging revenue.
Alibaba Group made a profit of nearly $2 billion on revenue of $2.5 billion in the quarter ending June 30 according to updated documents filed with the US Securities and Exchange Commission.
Revenue rose 46 percent from the same period a year earlier.
Alibaba's services are similar to a mix of those offered by US Internet titans eBay, PayPal and Amazon.com.
However the China-based group does not sell products directly, instead hosting online venues such as Taobao where buyers and sellers can do business.
The strategy has given Alibaba an enviable profit margin as an online middleman of sorts.
Deals made at Alibaba markets using mobile devices jumped to about a third of total volume from 12 percent in the same quarter last year, signaling that the operation is in step with lifestyles shifts toward smartphones and tablets.
The number of people accessing Alibaba from mobile devices monthly rose 15 percent to 188 million in a year-over-year comparison, according to the filing.
The company generates the bulk of its revenue in China, but has begun expanding internationally.
Vibrant earnings figures promised to ramp interest in Alibaba on Wall Street, where the company is expected to make a blockbuster initial public offering (IPO) of stock in September.
The Chinese group has not revealed how many shares it will make available nor the opening price.
Analysts say the IPO could raise around $15 billion or more -- putting it on par with Facebook's $16 billion IPO in 2012 -- and value the firm from $100 billion to $200 billion or higher.
Founder Jack Ma set up Alibaba in 1999, convincing friends to fund him with $60,000.
The company started as a platform for Chinese manufacturers to connect with foreign buyers and later launched flagship site Taobao in 2003.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alibaba earnings leap on cusp of stock market debut Arab Today, arab today alibaba earnings leap on cusp of stock market debut

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alibaba earnings leap on cusp of stock market debut Arab Today, arab today alibaba earnings leap on cusp of stock market debut

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday