{"id":46819,"date":"2023-08-10T11:46:18","date_gmt":"2023-08-10T15:46:18","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/alibabas-stock-advances-after-earnings-beat\/"},"modified":"2023-08-10T11:46:20","modified_gmt":"2023-08-10T15:46:20","slug":"alibabas-stock-advances-after-earnings-beat","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46819","title":{"rendered":"Alibaba\u2019s stock advances after earnings beat"},"content":{"rendered":"
\n

Shares of Alibaba Group Holding Ltd. were rallying more than 2% in Thursday\u2019s premarket trading after the Chinese e-commerce giant topped expectations with its latest revenue and earnings. <\/p>\n

The company notched fiscal first-quarter net income of RMB34.3 billion ($4.6 billion), or RMB13.30 per American depositary share, compared with net income of RMB22.7 billion, or RMB8.51 per ADS, in the year-before period. <\/p>\n

\n

On an adjusted basis, Alibaba
\n BABA,
\n +6.39%<\/bg-quote>
\n earned RMB17.37 per ADS, while the FactSet consensus was RMB14.59 per share. Revenue rose to RMB234.2 billion from RMB205.6 billion, where analysts had been modeling RMB224.7 billion. <\/p>\n

Chief Executive Daniel Zhang said the company\u2019s reorganization was \u201cbeginning to unleash new energy across our businesses.\u201d Alibaba recently realigned into six units with their own CEOs and boards of directors, and the ability to pursue independent fundraising. <\/p>\n

\u201cThrough this self-driven transformation, we aim to catalyze innovation, promote vitality in our organization and enable businesses to focus on long-term growth,\u201d Zhang continued. \u201cWe look forward to positive impacts on our business, including strengthening competitiveness, sustainable growth and shareholder value creation.\u201d<\/p>\n

See also (from June)<\/strong>: Alibaba\u2019s Zhang to step down as CEO, chairman amid business shakeup<\/p>\n

Overall revenue for the company\u2019s Taobao and Tmall Group, which represents the company\u2019s core e-commerce marketplaces in China, rose to RMB115.0 billion from RMB102.5 billion. <\/p>\n

Within that group, customer management revenue was up 10% to RMB79.7 billion, \u201cprimarily due to the increase in merchant\u2019s willingness to invest in advertising\u201d and an increase in the volume of online physical goods generated on the platforms. <\/p>\n

The company\u2019s cloud group saw revenue increase to RMB25.1 billion from RMB24.1 billion. Alibaba previously announced plans to spin out that business.<\/p>\n

Alibaba bought back $3.1 billion worth of ADRs during the June quarter, \u201cwhich is supported by our continuous generation of strong free cash flow,\u201d Chief Financial Officer Toby Xu said in the release. Free cash flow was RMB39.1 billion in the quarter, up 76% from a year earlier.<\/p>\n

U.S.-listed shares of Alibaba are up about 8% so far this year.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Alibaba Group Holding Ltd. were rallying more than 2% in Thursday\u2019s premarket trading after the Chinese e-commerce giant topped expectations with its latest revenue and earnings. The company notched fiscal first-quarter net income of RMB34.3 billion ($4.6 billion), or RMB13.30 per American depositary share, compared with net income of RMB22.7 billion, or RMB8.51 […]<\/p>\n","protected":false},"author":1,"featured_media":46820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-46819","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAlibaba\u2019s stock advances after earnings beat | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Alibaba Group Holding Ltd. were rallying more than 2% in Thursday\u2019s premarket trading after the Chinese e-commerce giant topped expectations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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