Alibaba Shares Take Off Nearly 5%, Bolstered by Impressive Fiscal Q1 Earnings
Aug, 17th 12:36
Shares of Alibaba Group Holding Ltd. shot up nearly 5% in active premarket trade on Tuesday after the Chinese e-commerce company reported fiscal first-quarter profit and sales that easily smashed expectations.
Alibaba shares jumped 4.55% to trade at $166.75 per share as the China-based e-commerce giant said net income for the three-month period to June 30 increased 96% to the equivalent of $2.07 billion. Earnings per share were reported to soared 92% to 83 cents. Excluding non-recurring items, adjusted earnings per share rose 65% from a year ago to hit $1.17 in the quarter ended June.
Driven by growth in online sales, revenue grew 56% to $7.40 billion, well above economists’ forecasts calling for revenue of $7.12 billion. Mobile monthly active users were reported to jump 24% to 529 million.
Buy Digital Call Option from 166.80 to 168.00 valid until 20:00 GMT August 17, 2017