Earnings: Alibaba.com Q1 Revs Up 53 Percent; Sees Pressure On Global Trade
This story was written by Joseph Weisenthal.
Alibaba.com, the Chinese B2B marketplace and a key puzzle piece in valuing Yahoo (NSDQ: YHOO), announced Q1 revs of RMB680.1 million ($97.3 million) for 53.2 percent growth over last year. On a sequential basis, revenue was up 7.2 percent. Net income was up 111.7 percent to RMB300.7 ($43 million). The site has 29.7 million users of its marketplace, 37.3 percent higher than a year ago. Given that it sources goods for US companies, it's exposed to the US economy. So far though it says: "The credit crisis and slowing US economy is creating pressures on the global trade environment.
Nevertheless, buyer activity on our international marketplace continued to increase during the period." On Monday, shares of Alibaba.com fell about 6 percent following Microsoft's withdrawal of its bid for Yahoo.
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By Joseph Weisenthal