On Thursday, Alibaba Group Holding Ltd - ADR (NYSE: BABA) reported fiscal first-quarter earnings and revenue beats as the Chinese economy continues to recover from the COVID-19 outbreak.
Alibaba reported adjusted EPS of 14.82 yuan ($2.14) on revenue of 153.75 billion yuan ($21.76 billion). Both numbers topped analyst expectations of $2 and $21.3 billion, respectively. Revenue for the quarter was up 34% from a year ago.
Alibaba’s cloud services revenue growth was particularly strong, jumping 59% to $1.75 billion.
Impressive User Growth: Needham analyst Vincent Yu said Alibaba’s 28 million new mobile monthly active users added in the quarter exceeded his expectations by about 5 million users.
“We particularly like that Taobao Deals, which focuses on serving value-conscious consumers, has reached an MAU of 40 million,” Yu wrote in a note.
KeyBanc analyst Hans Chung said user growth and new monetization streaming, such as feed and live streaming, should help Alibaba continue to fend off new e-commerce competition in China.
“BABA's breadth and depth in consumer economy, cross-platform synergies, and potential in Alicloud and Ant Financial could prove to be MT/LT drivers to the stock, in our view,” Chung wrote.
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