Alibaba beats

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Alibaba beats

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Alibaba on Friday reported fiscal-fourth-quarter earnings that were better than analysts had expected.

China's largest e-commerce company reported adjusted earnings per share of 5.73 yuan, topping the forecast for 5.50 yuan according to Bloomberg.

Revenue surged 61% versus a year ago to 61.93 billion yuan, more than the expectation for 58.96 billion yuan. The company's cloud-computing unit saw huge growth as revenue spiked 103% year-over-year to 4.385 billion yuan.

"Alibaba Group had an excellent quarter and fiscal year, driven by robust growth in our core commerce business and investments we have made over the past several years in longer-term growth initiatives," CEO Daniel Zhang said in the earnings release.

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"With the continuing roll out of our New Retail strategy, our e-commerce platform is developing into the leading retail infrastructure of China. During the past year we also doubled down on technology development, cloud computing, logistics, digital entertainment and local services so that we are in a position to capture consumption growth in China and other emerging markets."

Alibaba shares gained more than 4% ahead of Friday's opening bell. They surged 6% this year through the market close on Thursday.

This story is developing...

Get the latest Alibaba stock price here.

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