Alibaba Group Holding Ltd. (BABA.US) stock fell 4% in pre-market after company reported mixed second quarter results.
Chinese e-commerce giant reported adjusted income of $2.65 per share well above analysts' expectations of $2.12 per share. Sales from its core e-commerce business rose 29%, however revenue of $22.838 billion came in slightly below market estimates of a $23.19 billion.
Mobile monthly active users on Alibaba's retail marketplaces reached 881 million in September, up seven million from June.
“Alibaba had another strong quarter. We continued to help businesses recover and find new opportunities for growth through digitalization in the post-pandemic landscape. The solid performance of our core commerce and robust growth of Alibaba Cloud are the direct results of our commitment to value creation for customers,” said CEO Daniel Zhang. “We remain focused on our three long-term growth engines – domestic consumption, cloud computing and data intelligence, and globalization – to effectively capture opportunities from the ongoing changes in consumer demand and acceleration of digitalization of businesses across our digital economy.”
Today's results come on the heels of China's surprise suspension of company's affiliate Ant Group's record $37 billion listing at Shanghai stock exchange on Tuesday.
Chinese e-commerce giant reported adjusted income of $2.65 per share well above analysts' expectations of $2.12 per share. Sales from its core e-commerce business rose 29%, however revenue of $22.838 billion came in slightly below market estimates of a $23.19 billion.
Mobile monthly active users on Alibaba's retail marketplaces reached 881 million in September, up seven million from June.
“Alibaba had another strong quarter. We continued to help businesses recover and find new opportunities for growth through digitalization in the post-pandemic landscape. The solid performance of our core commerce and robust growth of Alibaba Cloud are the direct results of our commitment to value creation for customers,” said CEO Daniel Zhang. “We remain focused on our three long-term growth engines – domestic consumption, cloud computing and data intelligence, and globalization – to effectively capture opportunities from the ongoing changes in consumer demand and acceleration of digitalization of businesses across our digital economy.”
Today's results come on the heels of China's surprise suspension of company's affiliate Ant Group's record $37 billion listing at Shanghai stock exchange on Tuesday.
Alibaba Group Holding Ltd. (BABA.US) stock is trading under pressure after company posted mixed quarterly results. Should downbeat mood prevail, then support at $267.00 could be at risk. Source: xStation5
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