Alibaba shares rally 6% after massive earnings beat
Publishing timestamp: 2023-02-23 09:58:52
Summary
Alibaba reported earnings for its fiscal third quarter that exceeded expectations, sending its shares 6% higher. Analysts are expecting Alibaba to see faster revenue growth over coming quarters as full effect of Chinese economic reopening is felt. Revenue from Alibaba's biggest business, China commerce division, declined by 1% year on year. Alibaba is also in process of making Hong Kong "primary" listing for its shares, paving way for mainland China investors to trade stock directly. The company is also trying to boost confidence of shareholders amid slump in its stock price.
Sentiment: POSITIVE
Tickers: BABA,
Keywords: alibaba group holding ltd, retail industry, e-commerce, business news, earnings, china, internet, breaking news: asia,
Source: https://www.cnbc.com/2023/02/23/alibaba-shares-rally-4percent-after-massive-earnings-beat.html