Alibaba reveals huge revenue, profit weeks before IPO

In case we all didn’t already know that Chinese Internet company Alibaba was, well, preparing to take over the world, the e-commerce colossus released financial statements to remind us just how formidable it really is.

Alibaba — an e-commerce, payments, cloud computing and Internet services company; a hybrid of sorts of Amazon, eBay and Google — released on Thursday its financial statements for the second quarter this year, revealing eye-popping figures that underscore just how enormous the company is, and the mark it intends to make on the U.S. when it goes public here. Given the latest revelations about Alibaba’s deep coffers, the company is poised to have the biggest tech IPO ever.

The company, based in  Hangzhou, China, had a record $2.54 billion in revenue for the second quarter ending June 30, which is up about 46 percent from the same time last year. Most stunningly, though, are the company’s profits — $1.99 billion, about triple the previous year’s. Its revenue from mobile users doubled from the first quarter.

Alibaba accounts for about 80 percent of all online retail sales in China, and that number is likely growing. 

This is Alibaba’s last financial filing before it begins its roadshow to start wooing investors across the world, beginning Sept. 3.  The company will begin trading likely next month, under the ticker symbol BABA on the New York Stock Exchange.

Sunnyvale-based Yahoo owns 22.4 percent of the company.

Heather Somerville Heather Somerville (224 Posts)

Heather Somerville is a business reporter covering venture capital and startups for the Bay Area News Group.