Alibaba’s revenue rose during the second quarter by 61% to US$1.737 billion from US$1.077 billion a year earlier, The Wall Street Journal reported, citing a presentation made by Yahoo (YHOO.NASDAQ). The company’s net profit also surged from US$273 million last year to US$707 million for the quarter through June as did its operating profit that more than doubled to US$856 million from US$372 million. Alibaba is planning its IPO and could be the largest internet IPO since Facebook’s (FB.NASDAQ) last year and according to analysts, it could value the company at more than US$70 billion.