Alibaba’s net profit soared 7.5 times

Moscow. October 27. Chinese Internet giant Alibaba Group Hodling Ltd., which last year conducted the largest ever IPO in the U.S., recorded an increase in net profit in July-September 2015 at 7.5 times due to overestimate the value of Health division of Alibaba, said in a statement.

The company’s net profit amounted to 22.7 billion yuan ($3,57 billion) to 3 billion yuan for the third quarter of 2014.

Alibaba adjusted profit was 57 cents a share.

While Alibaba’s quarterly revenue jumped 32% to 22.2 billion yuan ($3,488 billion), while the consensus forecast was $ 21.3 billion yuan.

Gross trade in goods in the retail markets of China, the main source of income of the company rose last quarter by 28% yoy, to $112 billion, and sales from mobile services jumped by 183% to $1.66 bn.

Earlier in October, the company offered to purchase the video service Youku Tudou Inc. for $4.6 billion Acquisition will allow Alibaba to broadcast American films and series.

Alibaba shares jumped 8% in the previous auction in new York on Tuesday. In October its market capitalization increased by 29%.

Alibaba owns China’s largest platforms of ecommerce, including the most popular ones is Taobao. The company brings to these platforms, buyers and sellers, providing them with various services. While Alibaba accounted for 80% of the turnover of e-Commerce in the country.