Alibaba shares rally 6% after massive earnings beat

The reopening is not likely to be fully reflected in the quarter, as it took place in December.

Amid a slowdown in its China activity, Alibaba has sought growth in overseas markets through its South East Asia business Lazada and through global e-commerce site AliExpress. International commerce revenue grew 18% year-on-year to 19.47 billion Chinese yuan. Those efforts look to be paying off with a 69% year-on-year jump in net income. The company's operating margin stood at 14% in the December quarter, higher than the 3% reported in the same period of last year.

Alibaba's employee headcount at the end of the December quarter stood at 239,740, a reduction of more than 4,000 from the quarter before.Alibaba reported cloud revenue of 20.18 billion Chinese yuan in the fiscal third quarter, up 3% year-on-year. This marked a slowdown from the 4% revenue rise seen in the previous quarter and remains far off the more-than 30% growth rates seen in the past.

Bullish . Ai bullish

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Alibaba stock rallies after earnings beatAlibaba Group Holding Ltd.'s U.S.-listed shares were headed 5% higher in premarket trading Thursday.
Source: MarketWatch - 🏆 3. / 97 Read more »

Walmart’s stock reverses early losses as analysts welcome market-share growth in groceryWalmart’s stock reversed early losses Tuesday, after $WMT beat fourth-quarter earnings estimates and raised its dividend but offered weaker-than-expected guidance for the first quarter and for fiscal 2024: Nice bounce Stupid, enhanced snap benefits end this month. Next quarter earnings will be lower. earnings are stable due to midterm democrat vote buying schemes.
Source: MarketWatch - 🏆 3. / 97 Read more »