Alibaba tops sales forecasts, shares soar 5%
The Chinese e-commerce giant's revenues rose 39% to $24.2 billion yuan ($3.7 billion), beating the forecast for 23.2 billion. Adjusted earnings per share came in at 3.02 yuan, versus 3.52 yuan expected according to Bloomberg.
Alibaba's online platforms sold goods worth more than 3 trillion yuan in March for the first time, amid a struggling Chinese economy.
Alibaba's performance in its fiscal fourth quarter was also boosted by a 175% year-on-year growth in its cloud computing and internet infrastructure business.
The company reported growth on Taobao, its online shopping site similar to Amazon and eBay, as it pushed further into rural China. Quarterly mobile revenues jumped 149% year-over-year to $2.02 billion.
- 911 dispatchers say skiers are accidentally setting off Apple's new crash-detection technology without realizing, triggering emergency calls
- BHEL among 5 bidders for Rs 58,000 cr deal to manufacture, maintain 200 Vande Bharat trains
- Indian markets open marginally lower amid weak global cues – PB Fintech, Maruti Suzuki, Tata Motors, M&M, Bajaj Auto and other stocks in focus
- Bahamas, Taiwan, Malta & more: Here are 10 countries offering digital nomad visa
- Maruti Suzuki cars will get costlier from January 2023
- Paytm’s optimistic growth projections boost sentiments, shares climb nearly 8%
- India stands like oasis in era of uncertainty amid global inflation, says SBI Research
- Personal loans fintech platform KreditBee raises $80 million in Series-D investment round