Alibaba has posted a surge in mobile revenues and upped its internal valuation to $140bn as the Chinese ecommerce giant prepares for one of the most eagerly anticipated flotations in years.
A 10-fold jump in revenue from mobile devices helped drive overall revenues 46 per cent higher to Rmb15.8bn ($2.5bn) in the second quarter, while net income nearly tripled to Rmb12.3bn.
Analysts have focused on Alibaba’s ability to draw mobile users to its marketplace amid fierce fighting among China’s technology groups for customers glued to their smartphones.
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