Just days shy of its IPO, Chinese ecommerce giant Alibaba Group reported Q2 revenue of $2.54 billion, a 46.4% increase over last year, while net income skyrocketed to $1.99 billion. The company could raise close to an additional $20 billion out of the IPO based on an average valuation of $168 billion.
In a revised F-1 the company filed Wednesday with the Securities and Exchange Commission, Alibaba also noted positive growth in average mobile monthly active users, which increased from 163 million in March to 188 million at the end of June. Active buyers totaled 279 million, more than double the number last year.
Alibaba makes its money primarily through its Taobao Marketplace and TMall properties, which nearly doubled in gross merchandising volume last quarter to $296 billion with close to a third of that volume coming from mobile.
For the most part, Alibaba’s merchant-driven and the company charges on a fee and commissions basis for online marketing services via the Alimama platform. Alibaba also runs an ad network and exchange business, which is the culmination of a merger between its affiliate network and Taobao Ad Network and Exchange. Cloud computing services, much like Amazon Web Services, is another revenue driver for Alibaba, with that figure now north of $100 million.