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Alibaba Group Holdings Limited (BABA) reported its latest financial results before the market open on Thursday.
The Chinese e-commerce giant reported revenue of $30.689 billion for the quarter vs. $30.364 billion expected.
Earnings per share were reported at $1.75 per share vs. $1.60 per share expected.
Daniel Zhang, Chairman and CEO of Alibaba Group commented on the results: ”During the past quarter, we actively adapted to changes in the macro environment and remained focused on our long-term strategy by continuing to strengthen our capability for customer value creation.”
”Following a relatively slow April and May, we saw signs of recovery across our businesses in June. We are confident in our growth opportunities in the long term given our high-quality consumer base and the resilience of our diversified business model catering to different demands of our customers,” Zhang added.
”Despite the challenges posed by the COVID-19 resurgence, we delivered stable revenue performance year-over-year. We have narrowed losses in key strategic businesses given ongoing improvements in operating efficiency and increasing focus on cost optimization,” said Toby Xu, CFO of Alibaba Group.
”We recently shared our plan to add Hong Kong as another primary listing venue. By becoming primary listed on both Hong Kong and New York stock exchanges, we aim to further expand and diversify our investor base,” Xu concluded.
Alibaba Group Holdings Limited (BABA) chart
Share price of Alibaba was up by around 1% on Thursday, trading at $96.93 a share.
Here is how the stock has performed in the past year:
Alibaba price targets
Alibaba Group Holdings Limited is the 31st largest company in the world with a market cap of $256.21 billion.
You can trade Alibaba Group Holdings Limited (BABA) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.
Sources: Alibaba Group Holdings Limited, TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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