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Alibaba Spikes 7% After Impressing The Street In Q1 Report

Courtesy of Benzinga.

Alibaba Spikes 7% After Impressing The Street In Q1 Report

Alibaba Group Holding Ltd (NYSE: BABA) is poised to hit a new all-time high Thursday after impressing investors with its fiscal first-quarter earnings report. Shares of Alibaba gained more than 7 percent after reporting that it earned $1.17 per share on revenue of $7.403 billion; analysts were expecting the Chinese e-commerce giant to earn 93 cents per share on revenue of $7.13 billion.

Total revenue for the quarter rose by 56 percent year over year while revenue from the core e-commerce business rose 58 percent (to $6.347 billion), cloud computing cloud revenue rose 96 percent (to $359 million), digital media and entertainment revenue rose 30 percent (to $602 million), and revenue from innovation initiatives and others rose 21 percent (to $95 million).

Net income for the quarter rose 96 percent from a year ago to $2.070 billion while annual active consumers rose by 12 million users to 466 million and mobile monthly active users rose by 22 million users as of March 2017 to 529 million.

“We delivered excellent results in the first quarter, with robust revenue growth of 56%. The significant growth in customer management revenue represents the differentiated business value we provide to our customers,” said Maggie Wu, chief financial officer of Alibaba Group. “It is our intention to continue investing in long-term growth opportunities, some of which are already delivering significant value to customers and investors.”

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Image Credit: By The Conmunity – Pop Culture Geek from Los Angeles, CA, USA (CES 2012 – Alibaba) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

Posted-In: Alibaba Alibaba Cloud ChinaEarnings News Markets Movers Tech Best of Benzinga


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