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Alibaba Q1 Net Income Triples

Alibaba Group Holding Ltd., a privately held Chinese e-commerce company, announced that its first quarter earnings attributable to company surged to $669 million from $220 million a year earlier on surging sales amid expectations.

According to a slide in Yahoo's earnings presentation, Alibaba's revenue jumped 71% to $1.38 billion from $806 million in the prior year

The company, gearing up for an initial public offering, 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.

Yahoo said Tuesday that its revenue excluding traffic acquisition costs slid 0.9% in the second quarter to $1.07 billion.

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