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Alibaba’s Q4 Net Income More than Doubles Ahead of IPO

04-16 15:30 Caijing
Net income soared to $1.4billion for the last quarter of 2013, compared with $642million a year earlier.

Chinese e-commerce giant Alibaba has seen its net income more than doubled in the fourth quarter last year, Yahoo said in a statement announcing its Q1 results.
 
Net income soared to $1.4billion for the last quarter of 2013, compared with $642million a year earlier.

Revenue grew 66 percent to nearly $3.1billion boosted by strong sales at last year's Singles' Day, a festival created by the e-commerce giant to promote online shopping.

The festival, China's equivalent of Cyber Monday happens every November 11. Last year, Alibaba's Tmall and Taobao reported sales of $5.7 billion spent by shoppers in just 24 hours.

Gross margin rose to a record high of 78 percent while operating margin hiked to the highest level since the end of 2009.

The robust growth came ahead of Alibaba's long-awaited listing which is expected to be the largest tech IPO following Facebook.

Alibaba has selected New York over Hong Kong for its IPO, but the company has yet to file its prospectus with the Securities Exchange Commission.

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