What's Going On With Alibaba Shares Trading Higher Today?
Portfolio Pulse from Vaishali Prayag
Alibaba Group Holding Limited (NYSE:BABA) reported its fiscal first-quarter 2024 earnings, showing mixed results. Revenue increased by 4% year-over-year to $33.47 billion, missing analysts' expectations of $34.81 billion. However, adjusted earnings per ADS beat estimates, coming in at $2.26 versus the expected $2.13. Various business segments showed mixed performance, with international commerce and cloud services showing significant growth. Alibaba's shares rose by 0.38% to $79.17 following the report.
August 15, 2024 | 6:10 pm
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Alibaba reported mixed Q1 2024 earnings with a revenue miss but an earnings beat. Revenue grew 4% YoY to $33.47 billion, missing the $34.81 billion expectation. Adjusted EPS was $2.26, beating the $2.13 estimate. Shares rose 0.38% to $79.17.
Despite missing revenue expectations, Alibaba's earnings beat and the positive performance in key segments like international commerce and cloud services likely contributed to the slight increase in share price. The market's reaction suggests a positive short-term outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100