NEW YORK (CNNMoney)
But here's the bad news: Even though the Chinese e-commerce leader reported a 40% jump in sales, that still wasn't as much as what Wall Street was expecting. And investors are not happy.
Shares of Alibaba (BABA, Tech30) plunged 7% in premarket trading.
The stock tanked Wednesday after Yahoo (YHOO, Tech30) announced plans to spin off its remaining stake in Alibaba to its shareholders.
The Chinese government also issued a harsh rebuke of the company, saying that Alibaba was too lax when it comes to policing its sites for counterfeit and pirated goods.
Related: China issues scathing report on Alibaba
The stock is now nearly 25% below the all-time high it hit in late November.
Even though Alibaba's earnings report clearly disappointed Wall Street, Jack Ma's company has made a big splash with investors since its blockbuster initial public offering in September.
Alibaba has proven that online commerce can be a solidly profitable business. American online retailing giant Amazon (AMZN, Tech30) has often reported big losses despite large increases in sales.
Amazon will report its fourth quarter results after the closing bell Thursday.
First Published: January 29, 2015: 7:25 AM ET
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