Alibaba’s fiscal fourth-quarter earnings jumped 85 per cent as sales volume in the Chinese e-commerce giant’s home market surged, but adjusted earnings fell short of expectations on Wall Street.
Net income in the three months ending March 31 climbed to 5.36 billion Chinese yuan ($832 million) from 2.89 billion yuan. Earnings adjusted for one-time gains and costs totalled 47 cents per share, and revenue jumped 39 per cent to 24.18 billion yuan ($3.75 billion.)
Analysts expected earnings of 60 cents per share on $3.59 billion in revenue, according to Zacks Investment Research.
The Hong Kong company said Thursday that gross merchandise volume in China’s retail marketplace jumped 24 per cent to $115 billion, compared to last year’s quarter.
“We achieved strong growth in mobile users, active buyers and transactions,” Chief Executive Officer Daniel Zhang said in a statement from the company.
The company also booked an $82 million loss in other income and saw both its income tax and interest expenses rise in the quarter.
Shares of Alibaba Group Holding Ltd. climbed more than 4 per cent, or $3.19, to $78.97 in late Thursday morning trading, while broader indexes were nearly flat.
Alibaba shares have declined almost 3 per cent since the beginning of the year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BABA at http://www.zacks.com/ap/BABA
Keywords: Alibaba, Earnings Report