Chinese ecommerce group Alibaba turbocharged Yahoo shares on Tuesday, sending them up 10 per cent in after-hours trading in New York after it reported a strong end to last year because of a shopping spree by singles.
Alibaba, which is heading for an initial public offering this year, reported that net income in the fourth quarter had doubled to $1.4bn from $642m the year before. Revenue grew 66 per cent to $3.1bn.
The Chinese private company does not disclose its own financial results, but as a consequence of being 24 per cent owned by Yahoo its headline figures are included in the US group’s results.
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