Owen Fletcher, Reporter, The Wall Street Journal

Alibaba.com Profit Rises 46 Percent

March 17, 2011 at 9:45 am PT

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.

Read the rest of this post on the original site

Tagged with: Alibaba Group, Alibaba.com, David Wei, digital, e-commerce, Elvis Lee, fraud, frontpage, Internet, Jonathan Lu, Mr. Wei, Owen Fletcher, sales staff, Taobao.com, The Wall Street Journal, Yahoo

Must-Reads from other Web sites

Twitter Pitches to Advertisers With System to Track TV Watchers

Emily Steel, US Media and Marketing Correspondent, FT

Yes, the Valley Can Be Vacuous — But It’s More Complicated Than The New Yorker Would Have Us Believe

Hamish McKenzie, Reporter, PandoDaily

Inside Google’s Secret Lab

Brad Stone, Senior Writer, Bloomberg Businessweek

Elizabeth Spiers on Launching Media Brands

Dani Fankhauser, Contributor, The Content Strategist

Can China Become a Hi-Tech Economy?

John Sudworth, Contributor, BBC

We Need to Debate Killer Robot Ethics Before They Become Mass-Market

Liat Clark, Reporter, Wired

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Web Sites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other Web sites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Voices is edited by Beth Callaghan.