Alibaba, a major player in Chinese e-commerce, revealed Thursday that for the three months ended June 30, revenue increased by 14% over the previous year.
In pre-market trading, the company’s shares that are traded in the United States increased by almost 2.5%.
Comparing actual results against Refinitiv consensus estimates for the June quarter, Alibaba did as follows:
Revenue increased 14% year over year to 234.16 billion Chinese yuan ($32.29 billion) versus the predicted 224.92 billion yuan.
Net income attributable to common shareholders increased by 51% year over year to 34.33 billion Chinese yuan from the anticipated 28.66 billion yuan.
Since China’s tightened economic regulations in December, Alibaba has been battling a Chinese economy that has been a mixed bag. Investors anticipated a robust recovery, but domestic consumer demand has been weak.
Source (CNBC)
