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"When Yahoo reported its 2Q 2013 earnings several hours ago with revenue that came in slightly below expectations, in stark contrast were Chinese e-commerce firm Alibaba's impressive results.\r\n\r\nAlibaba is required to report its earnings to Yahoo because the US company has a 24 percent stake in the Chinese firm. Alibaba's net income for the quarter jumped 189 percent year-on-year to reach $680 million, while revenue climbed 71 percent to hit $1.38 billion. Yahoo's net income attributable to Alibaba leaped 203 percent to $669 million.\r\n\r\nAlibaba has been strongly tipped\u00A0to float on the Hong Kong stock exchange before the end of the year in a move that could value the firm at $70 billion -- and its earnings this quarter is a testament to the strength of the company's growth, piling on expectations for its initial public offering.\r\n\r\nNewly-installed Alibaba Chief Executive Jonathan Lu has\u00A0pledged to continue the e-commerce giant\u2019s recent string of big investments\u00A0as it maintains focus on improving its services for mobile.\u00A0Lu wants Alibaba\u2019s service \u2013 and in particular its two biggest businesses: virtual \u2018mall\u2019 for brands\u00A0Tmall\u00A0and eBay-like Taobao\u00A0marketplace \u2013\u00A0to make better use of customer data to provide a more unique and tailored user experience.\r\n\r\nThis year so far, Alibaba has grabbed 18 percent of microblogging service Sina Weibo with a\u00A0$586 million investment\u00A0and bought 28 percent of mapping firm\u00A0Autonavi\u00A0for\u00A0$294 million. Just yesterday, the company confirmed it had invested in outbound travel site Qyer.com to boost its Taobao Travel\u00A0e-commerce service.\r\n\r\nImage Credit: Peter Parks via AFP/Getty Images"^^<http://www.w3.org/2001/XMLSchema#string>
<http://thenextweb.com/asia/2013/07/17/alibabas-q2-2013-net-income-jumps-189-yoy-to-reach-680m-revenue-up-71-at-1-38b/>