Alibaba beats earnings and revenue estimates for Q4; stock rises
Alibaba Group (NYSE: BABA) surpassed analysts’ targets for fourth-quarter earnings and revenue. The ecommerce giant’s earnings rose 50% to $1.28 per share, while revenue surged 51% to $13.9 billion. Analysts had expected the company to post earnings of $0.98 per share on revenue of $13.42 billion. Alibaba shares are trading up about 4% during the pre-market trading hours.
Core Commerce segment revenue grew 54% year-over-year to $51.3 billion during the March 2019 quarter. Cloud Computing revenue surged 76% to $1.15 billion during the March 2019 quarter, helped by an increase in average spending per customer.
For fiscal 2020, Alibaba expects revenue to be over RMB500 billion.