E-commerce Alibaba Group Holding Ltd., announced that its first quarter earnings surged to $669 million from $220 million a year earlier on surging sales amid expectations.  Alibaba’s revenue jumped 71% to $1.38 billion from $806 million in the prior year.

The company reported income from operations of $709 million, higher than $213 million a year ago.  Yahoo, which owns about 24% of Alibaba, records the impact from Alibaba one quarter in arrears.

Alibaba announced on Tuesday that it had invested in travel website Qyer.com, without disclosing the deal’s value. The move followed two other investments in the past few months that were aimed to strengthen the company’s mobile-based business.

Source:  rttnews.com