Alibaba Group Holding Ltd. BABA,
top estimates of revenue and earnings Thursday for its fiscal first quarter, and its shares were up 0.5% in prime trading. The company reported net income of RMB47.59 billion ($ 6.74 billion), as RMB17.36 a share, up from RMB21.26 billion, or RMB8.06 a share, in the year-earlier quarter. Alibaba reported adjusted earnings per US shareholder of RMB14.82, up from RMB12.55 a year earlier and prior to the FactSet Consensus, which requested RMB13.82. Alibaba’s quarterly revenue increased to RMB153.75 billion from RMB114.92 billion a year earlier, topping the RMB148 billion FactSet consensus. “We were well positioned to capture growth from the ongoing digital transformation accelerated by the pandemic, in both consumer and business operations,” said Chief Executive Daniel Zhang in a release. Alibaba had 742 million annual active customers in its China retail markets as of the June quarter, up 16 million from the March period. The company revealed that gross merchandise volume for online physical goods on its Tmall marketplace grew 27% in the June quarter, “with all major categories growing at similar and faster rates compared to the December 2019 quarter, before the start of the COVID market. 19 pandemic. ”Alibaba said Tmall benefited from both greater order frequency and an influx of new customers. Alibaba shares have gained 20% over the last three months as the S&P 500 SPX,
has risen 14% and as the KraneShares CSI China Internet ETF KWEB,
added 29%.
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