- 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.
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.
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.