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Alibaba Shares Rise Following Earnings, Revenue Beat

Buy Alibaba Shares Your Capital Is At Risk
Updated 4 Aug 2022

Key points:

  • Alibaba reported earnings for its latest quarter
  • The e-commerce company beat analyst estimates
  • Alibaba shares gained 5% premarket

Alibaba's US-listed shares are trading over 5% higher premarket Thursday after the company reported results for its June quarter.

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Alibaba beat analyst earnings estimates, reporting adjusted earnings per share of $1.75 on revenue of $30.69 billion. Alibaba said revenue remained stable year-over-year primarily due to a decline in China commerce segment revenue by 1% year-over-year.

Income from operations was $3.72 billion, a decrease of 19% year-over-year.

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Alibaba added that Covid-19-related headwinds provided challenges during the quarter.

“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,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group.

However, he stated that “following a relatively slow April and May,” they saw signs of recovery across the 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.