Alibaba Group Holding Ltd (NYSE:BABA) shares are soaring Thursday morning, with BABA stock touching new 2016 highs thanks to a big earnings beat.
Fiscal first-quarter profits came to 74 cents per share of Alibaba stock on revenues of $4.838 billion. That represented 25% year-over-year growth on the bottom line, and 59% growth on the top. Better still, both numbers topped consensus expectations for 61 cents per share on $4.61 billion, respectively.
“The 59% revenue growth for the company overall and the 49% revenue groath of our China retail marketplaces represent the highest growth rates we’ve achieved since our IPO,” CFO Maggie Wu said of the quarter.
A few other highlights for the quarter:
- China retail martketplace revenue was $3.518 billion, up 49% YoY.
- Mobile marketplace revenue was $2.635 billion, up 119% YoY.
- Core ecommerce earnings were$2.501 billion, up 38% YoY.
- Mobile MAUs reached 427 million in June, up 17 million since March.
- Marketplace GMV came in at $126 billion, up 24% YoY.
- Cloud computing revenue came in at $187 million, up 156% YoY.
That sound you hear? A huge sigh of relief from BABA stock holders.
More Reassurance for Alibaba Stock Investors
Since BABA’s highly anticipated IPO in late 2014, the stock has…
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