Alibaba Q1 Revs, Profit Surge on Key Holiday Sales (YHOO)

(Updated - April 15, 2014 4:55 PM EDT)

Alibaba Group Q4 revenue rose 66 percent to $3.06 billion while net income more than doubled to $1.35 billion.

Profit was driven by strong e-commerce promotion and sales last November during Alibaba's Singles' Day. On Singles' Day, which was Mov. 11, 2013, sales for Alibaba's two main stores, Taobao Marketplace and Tmall.com, rose to over $5.6 billion on one, 24-hour period.

Like Amazon (Nasdaq: AMZN) and eBay (Nasdaq: EBAY), Alibaba runs a marketplace which connects sellers and buyers. it makes most of its money from commissions and advertising.

Yahoo! (Nasdaq: YHOO), which reported Q1 results earlier, owns a 24 percent stake in Alibaba. With Alibaba's impending IPO, that position is clutch as valuation on Alibaba is over $150 billion, on average. Yahoo! said it ended last quarter with $4.6 billion of cash, equivalents, and marketable securities. Selling 10 percent of its Alibaba stake could significant bolster capital allocation plans or strategic acquisitions.

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