Alibaba reports 54% sales growth

Alibaba Group, the Chinese e-commerce company that held the world’s largest initial public offering in September, reported strong sales growth in its first earnings report as a public company on Tuesday, sending the stock up slightly in pre-market trading.

According to Forbes, revenue rose 53.7 percent to $2.74 billion. However, net income dropped 38.6 percent to $494 million.

Alibaba, which raised $25 billion in its IPO, now has a market capitalization of $250.94 billion. That's bigger than Wal-Mart Stores Inc.'s market valuation of $245.81 billion.

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