Alibaba Group Holding Limited (BABA) reported its latest financial results for the quarter ended March 31, 2022 before the market open on Thursday. The Chinese e-commerce giant posted better than expected results, sending the stock price higher.
The company reported revenue of $32.167 billion in the quarter (up 9% year-over-year) vs. $31.444 billion estimate.
Earnings per share at $1.25 per share vs. $1.12 per share expected.
Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group commented on the results: ”Alibaba delivered on the goal of serving one billion annual active consumers in China this past quarter and achieved a record RMB 8,317 billion in global GMV for the fiscal year. Despite macro challenges that impacted supply chains and consumer sentiment, we continued to focus on customer value proposition and building the capabilities to deliver value. We saw tangible progress across our businesses, especially in operational improvements in key strategic areas.”
”Looking ahead, we will continue to execute on our multi-engine growth strategy by strengthening our digital infrastructure and focusing on quality growth to create long-term value for our customers, shareholders and other stakeholders across our ecosystem,” Zhang added.
Alibaba Group Holding Limited (BABA) chart
The stock price rallied after the latest results were announced, up by over 14% at $94.24 per share.
Here is how the stock has performed in the past year:
Alibaba price targets
Alibaba Group Holding Limited is the 32nd largest company in the world with a market cap of $261.15 billion.
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Sources: Alibaba Group Holding Limited, TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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