Alibaba Net Doubles

Chinese Web giant continues to show growth ahead of its planned ipo in New York.

Alibaba Group clearly knows what investors like.

The Chinese Web giant, which is planning an initial public offering in New York later this year, drove its net income up 110 percent to $1.36 billion during the October-December quarter.

Revenues jumped 66 percent to $3.06 billion, an acceleration from growth of 51 percent seen during the preceding quarter.

Yahoo Inc. owns 24 percent of Alibaba and gave a snapshot of the company’s finances in a presentation for investors Tuesday.

Under the leadership of Jack Ma, Alibaba is in the midst of a serious global push. In addition to working on the IPO, the company is prepping the 11Main.com e-commerce platform in the U.S. and investing in a slew of businesses. Last month, Alibaba agreed to invest $692 million in Chinese department store company Intime Retail to create “online to offline” retail opportunities.