Alibaba.com Profit Rises 46 Percent
Alibaba.com Ltd. said Thursday its fourth-quarter profit rose 46 percent from a year earlier and pledged further steps to overcome a fraud scandal that prompted its chief executive to resign.
Alibaba.com, whose business e-commerce site has shown strong growth, said it will work to identify and remove listings for additional suppliers it believes have a high risk of fraud and to ensure proper checks and balances inside the company.
Alibaba.com Chief Executive David Wei and Chief Operating Officer Elvis Lee resigned last month after an internal investigation found more than 2,300 sellers on the site committed fraud, sometimes with the help of Alibaba sales staff. The company named Jonathan Lu, chief executive of Alibaba Group’s retail website Taobao.com, to replace Mr. Wei.
Alibaba.com is the listed unit of Alibaba Group, in which Yahoo Inc. owns a roughly 39 percent stake.