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Alibaba shares gain after earnings beat

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The U.S.-listed shares of Alibaba Group Holding Ltd.
BABA,
-0.19%

were rising 4% in premarket trading Thursday after the Chinese e-commerce giant topped earnings expectations for its latest quarter. The company posted a fiscal fourth-quarter net loss of RMB16.24 billion ($2.56 billion), or RMB6.07 per American depositary share, compared with a loss of RMB5.5 billion, or RMB1.99 per ADS, in the year-earlier quarter. On an adjusted basis, Alibaba earned RMB7.95 per ADS, down from RMB10.32 per ADS a year before, while analysts had been expecting RMB7.10 per ADS. Alibaba’s revenue increased to RMB204.1 billion from RMB187.4 billion. The FactSet consensus was for RMB199.5 billion. “Despite macro challenges that impacted supply chains and consumer sentiment, we continued to focus on customer value proposition and building the capabilities to deliver value,” Chief Executive Daniel Zhang said. “We saw tangible progress across our businesses, especially in operational improvements in key strategic areas.” While Alibaba typically gives guidance at the start of a new fiscal year, the company noted in the release that it was “prudent” to avoid doing so currently given the impacts of COVID-19 on its business in China.

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