Alibaba Beats In First Earnings Release, Shares Volatile

In its first earnings release since the largest IPO ever, Alibaba Group Holding Ltd BABA beat revenue expectations, reporting 16.8 billion yuan ($2.75 billion) in sales versus expectations of 16 billion yuan ($2.7 billion).

Earnings per share also beat, coming in at 2.79 yuan ($0.46) versus expectations of 2.74 yuan ($0.45).

Mobile revenue rose more than tenfold versus the same period last year. The company also has nearly 280 million active buyers, and is preparing for its November 11 sales event, which is the busiest day of the year for the company.

Shares of Alibaba have been volatile in the pre-market session. After popping up 4 percent, shares were recently trading down 0.6 percent at $101.18.