NEW YORK (TheStreet) -- Profits at Chinese e-commerce giant Alibaba more than doubled in the fourth quarter to over $1.3 billion as revenue at the Jack Ma-founded company topped $3 billion. The company's revenue growth and rising profit margins augur well an expected initial public offering in the United States.
For the Oct. to Dec. period, Alibaba earned $1.36 billion on $3.058 billion in revenue, a rise of 110% and 66%, respectively versus 2012 levels. Gross margins at the company rose to $2.37 billion, or 73% year-over-year.
Those results were disclosed in a supplement appended to Yahoo!'s (YHOO) first-quarter earnings. Yahoo is a 24% owner of Alibaba and is poised for a tremendous windfall when the so-called Amazon (AMZN), Google (GOOG) and PayPal of China lists its shares in 2014.
Results disclosed on Tuesday represent Alibaba's fourth quarter earnings and include its Singles Day on November 11, the company's biggest shopping day of the year. In mid-November, Alibaba said it generated $5.7 billion of sales on this year's singles day, including $877 million in mobile transactions.
For Alibaba, strong revenue growth and rising profit margins in 2013 mark a busy twelve months.
IPO On The Horizon
In March, the company confirmed will list its shares in the United States instead of Hong Kong. The move comes after a long-running dispute with Hong Kong regulators on Alibaba's partnership structure.
U.S. exchanges, however, approved of Alibaba's structure, a source close to the matter said. There is no indication whether Alibaba will list on the New York Stock Exchange or Nasdaq. The timing of the prospective offering also remains unclear.