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Alibaba's first quarterly results

November 4, 2014

Its shares have been trading publicly for little over a month, and already the Chinese e-commerce giant Alibaba has logged a massive surge in revenue. It published its first quarterly results as a public company Tuesday.

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Image: picture-alliance/dpa

Reporting its first quarterly results as a public company, Alibaba said Tuesday its revenues had spiked 54 percent in the third quarter on robust user demand.

That came despite a 39-percent slide in net income as the online retailer bought up other companies to expand its business and invested heavily in its mobile presence.

Alibaba celebrated the world's largest-ever initial public offering in September that brought in $25 billion (19.9 billion euros).

For the three months ending Sept. 30, the company's net income fell to $485 million, or 20 cents per share, after it paid preferred dividends. Excluding those one-time items, net income was 45 cents per share.

The 54 percent surge lifted revenues to $2.74 billion, surpassing expectations of $2.61 billion.

In New York, premarket trading saw Alibaba's shares rise 3 percent before dipping back down to $103.

cjc/sgb (Reuters, AP)