: Alibaba’s stock advances after earnings beat

Shares of Alibaba Group Holding Ltd. BABA were rallying more than 2% in Thursday’s premarket trading after the Chinese e-commerce giant topped expectations with its latest revenue and earnings. The company notched fiscal first-quarter net income of RMB34.3 billion ($4.6 billion), or RMB13.30 per American depositary share, compared with net income of RMB22.7 billion, or RMB8.51 per ADS, in the year-before period. On an adjusted basis, Alibaba earned RMB17.37 per ADS, while the FactSet consensus was for RMB14.59 per share. Revenue rose to RMB234.2 billion from RMB205.6 billion, where analysts had been modeling RMB224.7 billion. Chief Executive Daniel Zhang said the company’s reorganization was “beginning to unleash new energy across our businesses.”

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