Alibaba Group Holding Ltd BABA shares are trading higher Thursday after the company announced better-than-expected financial results.
Alibaba said first-quarter revenue was flat year-over-year. The company reported quarterly revenue of RMB205,555 million ($30.69 billion), which beat the estimate of $30.05 billion, according to data from Benzinga Pro.
The Chinese e-commerce giant reported quarterly adjusted earnings of $1.75 per share, which beat the estimate of $1.52 per share.
“Following a relatively slow April and May, we saw signs of recovery across our businesses in June,” said Daniel Zhang, chairman and CEO of Alibaba.
Alibaba ended the quarter with $3.31 billion in free cash flow, representing an increase of 7% year-over-year. The company highlighted plans to further expand its investor base by adding Hong Kong as another primary listing venue.
“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.
BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $73.28.
The stock was up 2.38% at $98 at press time, according to Benzinga Pro.
Photo: courtesy of Alibaba.
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