Chinese e-commerce behemoth Alibaba.com Limited says its 2008 total revenue hit CNY3.0 billion as it announced its financial results for the year ended December 31, 2008.
That total was an increase of 39% as compared to 2007, and the number of registered users and online storefronts on Alibaba.com’s marketplaces increased by 10.5 million and 1.7 million, respectively
David Wei, CEO of Alibaba.com, cautioned investors as he said, “The risk of a further contraction in Chinese exports and a sustained period of lackluster growth still exists. However, we continue to be confident in China’s economy, in e-commerce, in our products and in our people. In fact, we see the current global economic crisis as a great opportunity to help our SME customers move online, expand our market leadership and invest for growth so we emerge even stronger in the future. 2009 will be a year of investment and expansion for Alibaba.com as we stay focused on our customers and our goal of building the world’s largest online community of buyers and suppliers.”
Net income for 2008 was CNY1.2 billion, representing a 25% increase year-on-year. Net income for 2007 included non-recurring interest income of CNY350.5 million generated from the over-subscription proceeds retained during the company’s initial public offering in Hong Kong in November 2007.
Alibaba.com added over 126,000 paying members to its marketplaces in 2008, and the company increased by 12,192 Gold Supplier members in the fourth quarter.