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Alibaba Q1 Revenue Up 53% YoY, Seals Softbank JV
1688.HK, Alibaba, Alibaba.com, B2B, David Wei, Internet, Softbank, e-commerce
Posted by: Megan Ko on May 06, 2008 | 19:05
Editorial Summary
Hangzhou-based Alibaba Group's business-to-business (B2B) e-commerce subsidiary Alibaba.com Ltd. (1688.HK) reported first quarter results on Tuesday. During the three month period, revenue reached RMB 680.1 million, up 53.2 percent year-on-year and 7.2 percent quarter-on-quarter. Profit to equity owners was up 111.7 percent from the year-ago period and 162 percent from the fourth quarter to RMB 300.7 million. Registered users grew 7.6 percent from the last quarter to more than 29.7 million users, while paying users grew 7.1 percent sequentially to 327,118 users.
Alibaba.com has reached an agreement with Softbank to establish a Japanese joint venture, reports Sina quoting Alibaba.com CEO David Wei. Alibaba.com will hold a 35 percent stake in the new company.
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