Hong Kong, 10th November: Hong Kong-listed Alibaba.com released its third quarter earnings this week. For the quarter ended 30th September, revenues increased 32% versus the same quarter last year rising from US$114.5 million to US$151.2 million. Third quarter revenues were also over 12% higher than second quarter revenues.
Net profit in the third quarter fell 20% from US$44.4 million to US$34.6 million. Management attributed the expected decline in profits to “continuing investments in customers, people and technology.” Sales and marketing expenses increased nearly 64% compared with the same quarter last year and product development expenses grew by close to 90% compared to the third quarter of 2008. Comparing sequential quarters, registered users grew by 5.8% and paying members grew by 8.9%. Source: Alibaba.com announcement