Alibaba Group accelerated revenue growth in the crucial fourth quarter, the company reported on Tuesday, a timely lift for the Chinese Internet company as it prepares for a highly anticipated public offering.
Alibaba's resurgence helped lift shares in Yahoo, which owns about 24 percent of the Chinese company and is highly sensitive to Alibaba's growth prospects and valuation.
The U.S. company's stock was up 8 percent at $36.90 after hours despite reporting anemic quarterly revenue and display advertising growth in its own business.
China's largest Internet company, which is racing to prepare for the largest U.S. IPO since Facebook's 2012 coming-out party, recorded 66 percent growth in sales to $3.06 billion in 2013's final three months. Its listing is the most highly anticipated of what's expected to be a record year for U.S. tech debuts, spurred on by Twitter Inc's successful 2013 IPO.