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Alibaba Reports Q3 Earnings Beat, Provides Support To Fight Coronavirus

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Alibaba Reports Q3 Earnings Beat, Provides Support To Fight Coronavirus

Alibaba Group Holding (NYSE: BABA) reported adjusted third-quarter earnings of $2.61 per share on Thursday, which beat the analyst consensus estimate of $2.22 by 17.57%. This is a 47.46% increase over earnings of $1.77 per share from the same period last year.

The company reported quarterly sales of $23.192 billion, which beat the analyst consensus estimate of $22.45 billion by 3.31%. This is a 35.97% increase over sales of $17.057 billion the same period last year.

“In response to the coronavirus, we mobilized Alibaba ecosystem's powerful forces of commerce and technology to fully support the fight against the outbreak, ensure supply of daily necessities for our communities and introduced practical relief measures for our merchants,” said Daniel Zhang, CEO of Alibaba.

Alibaba shares closed Wednesday's session at $224.31. The stock has a 52-week high of $231.14 and a 52-week low of $147.95.

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Photo credit: Andy Mitchell, Flickr

Posted-In: Earnings News Best of Benzinga

 

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