Alibaba Group Holding Ltd. (TORTOISE) – Receive reports posted stronger-than-expected second-quarter earnings on Thursday as core e-commerce revenue rose nearly a third after China eased its coronavirus lockdown restrictions.
Alibaba said non-GAAP diluted earnings for the three months ending September, the group’s second fiscal quarter, were pegged at $ 4.83, down 63% year-on-year but firm against Pho’s consensus forecast of $ 2.08 / share. Group revenue, Alibaba said, rose 30% to the equivalent of $ 22,838 billion, but only below analysts̵7; estimates of $ 23.19 billion.
In Chinese yuan, Alibaba’s revenue is pegged at 155.06 billion, compared with Refinitiv’s forecast of 154.74 billion.
“Alibaba had another strong quarter. We continue to help businesses recover and find new growth opportunities through digitalization in the post-pandemic landscape. The solid performance of our core commerce and the strong growth of Alibaba Cloud are a direct result of our commitment to creating value for customers, ”said CEO Daniel Zhang. “We remain focused on three long-term growth engines – domestic consumption, cloud computing and data intelligence, and globalization – to effectively capture opportunities from ongoing change. in consumer demand and accelerating the digitization of businesses in our digital economy. ”
Alibaba’s US-listed shares fell 3.1% in pre-market trading shortly after the earnings announcement, showing an opening price of $ 286.63 per share.
Earlier this week, Alibaba shares fell the most in at least two years after officials on the Shanghai Stock Exchange suspended the pending $ 37 billion listing of Ant Group, the company led by Alibaba. 33% debt, after it does not meet the pre-set rules to provide timely information.
Ant Group, a digital payments company founded by Ma in 2014, is set to list about 11% of its equity on both the Shanghai and Hong Kong stock exchanges this week this week. The largest IPO in the world.
Bookbuilding said that the Hong Kong part on the list could value Ant Group more than $ 300 billion.