Chinese bellwether stock Alibaba soared nearly 13% after reporting fourth-quarter results that beat earnings and revenue outlook.
Source: Alibaba Group
BABA +12.74%, JD up +6.50%
The Chinese e-commerce giant reported adjusted earnings of $1.55 per share on revenue of $32.2 billion. Analysts expected Alibaba to report an adjusted income of $1.07 per share on revenue of $29.9 billion.
Alibaba’s Group rose to $32.18 billion in Q4 of the fiscal year 2022, marking a 9% jump compared to the same period a year earlier. This was the slowest quarterly growth for the company since its IPO in 2014.
For the full fiscal year of 2022, revenue grew 19% year over year to $134.56 billion.
The number of yearly active consumers within the firm’s platform hit 1.31 billion. It surpassed the 1 billion customer-base mark in China during the quarter.
Alibaba announced it would expand its buyback program to $25 billion from $15 billion. The company has already bought back 56.2 million shares for $9.2 billion.