Alibaba Rakes in 1.78 Billion Dollars of Revenue in Q3 2013

alibabaIn an internal letter from Alibaba’s legendary founder Jack Ma, he said that company has booked historical performance records last year. The fiscal report released by Yahoo!, a major shareholder which holds a 24% stake in the company, gives us a more detailed overview about Alibaba’s performance in 2013.

The Internet giant generated $1.78 billion of revenues in the three-month period ended on Sep. 2013, up 51% YOY. Although Q3 revenue is higher than $1.38 million for Q1 and $1.74 million for Q2, the revenue growth rate is down from 71.4% and 61.3% for the first and the second quarter of 2013, respectively.

The report added that Alibaba’s gross profit increased by 58% YOY to $1.26 billion, while its operating profit amount to $786 million, swinging to profitability YOY. The company’s net profit soared 163.1% YOY to $800 million in the same period.

Although Alibaba’s IPO is still pending, the capitalists have shown interests in the company. Tiger Global Management,a top-performing U.S. technology investment firm, have acquired round $200 million worth of shares in Alibaba at a valuation of $125 billion.