Alibaba Group Holding Ltd.’s stock surged 3.8% in premarket trade Thursday, on track to open at a 14-month high, after the China-based ecommerce giant reported fiscal first-quarter profit and revenue that beat expectations. For the quarter ended June 30, earnings fell 77% from a year ago to U.S. dollar equivalent of $1.08 billion, or 44 cents a share. Excluding non-recurring items, adjusted earnings per share came to 74 cents, above the FactSet consensus of 62 cents. Revenue grew 59% to $4.84 billion, beating the FactSet consensus of $4.56 billion. Gross merchandise volume rose 24% to $126 billion, above the FactSet consensus of $125.2 billion. The stock has climbed 7.5% year to date through Wednesday, while the S&P 500 has gained 6.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News