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Alibaba Group Holding’s profit jumped in the first quarter as advertisers boosted spending on the Tmall and Taobao Chinese e-commerce platforms ahead of its initial public offering. Net income almost tripled to $1.99 billion, or 84 cents a share, in the three months ended June, according to a filing with the Securities and Exchange Commission. Revenue rose 45% in local currency to the equivalent of $2.15 billion. Alibaba, China’s biggest Scalper1 News
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