News this week: This week, Hong Kong-listed B2B e-commerce platform Alibaba.com released its financial results for the second quarter and half-year ended 30th June 2011.
The company posted quarterly revenues of US$250 million, a 19% increase compared with the same quarter in 2010. Gross profit was US$201 million, up 15% year-on-year. Net profit was US$72 million, up 28% compared with last year.
In the first half, total revenues were US$486 million, a rise of 22% compared with US$381 million in 2010. Gross profit was US$394 million, up 18% from the previous year. Net profit was US$141 million, up 32% year-on-year. Alibaba.com reported US$1.6 billion in cash and bank balances and a total of 68.9 million registered users and 9.2 million storefronts on its platform as of 30th June.
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