Alibaba reports first quarterly results after IPO

Chinese e-commerce giant Alibaba released its first quarterly financial results on Tuesday since successfully completing the world's biggest initial public offering in September.

The company's revenue increased by 53.7 percent to 16.829 billion yuan (about 2.742 billion U.S. dollars) in the quarter ending September 30, compared to 10.95 billion yuan in the same quarter of 2013.

Its net profits increased by 15.5 percent to 6.808 billion yuan, compared to 5.893 billion yuan in the same period of last year, the report said.

But using compatible GAAP accounting measures, its net profits slid 38.6 percent. The company said in the report that "the decrease was primarily due to the share-based compensation charges and increased amortization expenses, and an increase in effective tax rate."

"We delivered a strong quarter with significant growth across our key operating metrics," said Jonathan Lu, chief executive officer of Alibaba Group, in the report.

"Our business continues to perform well, and our results reflect both the strength of our ecosystem and the strong foundation we have for sustainable growth," Lu said.

Alibaba's China retail marketplaces had 307 million annual active buyers in the twelve months ending September 30, 2014, representing an increase of 52 percent compared to the same period last year.

Based in the eastern city of Hangzhou, Alibaba has seen booming mobile business. Its mobile revenue in the quarter witnessed a 1,000-percent rise to 3.719 billion yuan.

"We extended our unrivaled leadership in mobile with 217 million monthly active users on our mobile commerce apps in September and 95 billion U.S. dollars in mobile GMV for the twelve months ending in September 2014," said Lu.

The company's share price rose to 101.8 U.S. dollars on Monday, putting its market value at 250.9 billion U.S. dollars, greater than that of Walmart.

"We continue to execute our focused growth strategy, and the fundamental strength of our business gives us the confidence to invest in new initiatives to add new users, improving engagement and customer experience, expand our products and services and drive long-term shareholder value," Maggie Wei Wu, the group's chief financial officer said in the report.