Alibaba's revenue growth surges in latest quarter
SAN FRANCISCO (AP) — Alibaba's quarterly revenue growth is surging again, a development that should help the Chinese e-commerce company sell its shares in what could become the technology industry's most lucrative IPO.
The latest evidence of Alibaba's financial allure surfaced in a regulatory update as the company prepares to complete its initial public offering next month.
The Wednesday filing disclosed that Alibaba posted revenue of $2.54 billion during its fiscal first quarter ending June 30, a 46 percent increase from last year.
The performance is likely to ease concerns that cropped up in June when Alibaba disclosed revenue growth of 39 percent during the quarter ending March 31, the slowest rate in six years.
Alibaba Holding Group Ltd. earned nearly $2 billion in the latest quarter, including a one-time gain of $1 billion.