HONG KONG, May 12 (Reuters) - China's Alibaba.com reported a forecast beating 37 percent rise in quarterly net profit as subscribers for one of its key products fell sharply.
Net profit in January-March jumped to 452.5
million yuan from 330 million yuan a year earlier. That beat the average forecast of 389.24 million yuan from five analysts surveyed by Thomson Reuters I/B/E/S.
Revenue grew 25 percent to 1.53 billion yuan.
Sales at Alibaba.com, a unit of Alibaba Group, 40 percent owned by Yahoo Inc, are closely tied to China's exports as its website connects millions of international buyers with Chinese suppliers. The firm makes most of its revenue from selling and renewing membership packages.
(Reporting by Kelvin Soh;) Keywords: ALBIABA/ (melanie.lee@thomsonreuters.com)(+86 21 61041778)(Reuters Messaging: melaniest.lee.reuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Net profit in January-March jumped to 452.5
million yuan from 330 million yuan a year earlier. That beat the average forecast of 389.24 million yuan from five analysts surveyed by Thomson Reuters I/B/E/S.
Revenue grew 25 percent to 1.53 billion yuan.
Sales at Alibaba.com, a unit of Alibaba Group, 40 percent owned by Yahoo Inc, are closely tied to China's exports as its website connects millions of international buyers with Chinese suppliers. The firm makes most of its revenue from selling and renewing membership packages.
(Reporting by Kelvin Soh;) Keywords: ALBIABA/ (melanie.lee@thomsonreuters.com)(+86 21 61041778)(Reuters Messaging: melaniest.lee.reuters.com@thomsonreuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2011 AFX News
