In a F1 filing Wednesday, Alibaba (BABA) showed net income tripling to $1.99 billion, or $0.84 a share for the second quarter.
Revenue rose just shy of 45 percent $2.15 billion, due in large part to a jump in advertising spending on the e-commerce platforms.
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Investors are still awaiting the terms of the much anticipated Alibaba IPO.
Shares of Yahoo (NASDAQ: YHOO), which holds a 22.5 percent stake in Alibaba, are trading higher by 0.61 percent following the Alibaba release.