Alibaba.com, the massive B2B e-commerce company based in China, this morning published (PDF) its results for the third quarter of the year. The company reported a 11.9 percent increase (to $64 million) in its Q3 net profit, with revenues rising 10.6 percent to $250 million, year-over-year.
This was below Wall Street expectations; Alibaba blamed a weak U.S. economy, a decline in manufacturing… → Read More
Alibaba.com CEO David Wei and COO Elvis Lee have resigned this morning after an internal probe found that more than 2000 sellers on the e-commerce site were committing fraud, in some cases to the knowledge of Alibaba staff. The Hanzhou, China-based Alibaba told the WSJ that more than 100 sales staff (out of 5,000) were allowing fraudulent suppliers to fake the business registration papers needed… → Read More
Yahoo is about to raise approximately $150 million by selling 57.48 million Alibaba.com shares, according to a term sheet obtained by Reuters earlier on Monday. The Internet giant is selling the large chunk of shares at HK$19.80-HK$20.30 each, which represents a 4-6.4% discount to the stock’s closing price of HK$21.15 on Monday and the entire 1.14 percent stake Yahoo held in Alibaba.com, which is… → Read More
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