Alibaba Group's Jan-March net profit soars

Alibaba Group, China's largest e-commerce company, posted a 64 percent rise in revenue in the January-March quarter and a six-fold rise in net profit, cementing its position as a key beneficiary of China's e-commerce explosion. Alibaba's net profit for the first quarter jumped to $220.5 million from $29.6 million a year ago. Its sales climbed to $805.9 million, according to a filing by Yahoo Inc to the U.S. Securities and Exchange Commission. Based on the first-quarter results, Alibaba Group,

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