Alibaba Profit More Than Amazon, EBay Ahead of U.S. IPO
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Alibaba Group Holding Ltd. has been described as a mixture of Amazon.com Inc. and EBay Inc. during the preparation for its U.S. initial public offering. In the last quarter, Alibaba earned more than those companies combined.
Operating income at China’s biggest e-commerce operator rose to $1.1 billion in the three months ended June, or 42 percent more than the combined profit of Amazon and EBay for the period. After including one-time gains, Alibaba’s net income was more than double those of its competitors.