Alibaba Group Holding Ltd accelerates growth revenue, a timeley lift before anticipated IPO
Alibaba Group Holding Ltd’s revenue went up during the fourth quarter which is a crucial point for the ecommerce company. The increase in revenue was also timely for the Chinese firm as it prepares for its most awaited public debut, reported ET.
China’s Alibaba has recorded a 66 percent increase in sales valued USD3.06 billion in the last three months of 2013, reported ET. The report went on saying that the company has planned to take in a hefty USD16 billion in an IPO to commence this year. This could value the company more than USD140 billion.
Alibaba has experienced slow growth in the quarters from July to September. On Tuesday, the company recorded a doubled net income valued USD1.36 billion, reported ET. The company’s growth was released after Yahoo’s revenue on Tuesday.
The growth in revenue of the Chinese company has helped Yahoo shares to go up. Yahoo’s stock went up by 8 percent despite reporting a slump in revenue. Yahoo holds around 24 percent in Alibaba, said ET.