By John Divine
Alibaba Group Holding (ticker: BABA), the largest Chinese company listed on a U.S. exchange, easily beat earnings and revenue expectations for its fiscal first quarter, the company says, sending the company’s stock roaring as much as 5 percent higher in early trading.
BABA stock hit a 52-week high of $87.73 on Wednesday, so Thursday’s numbers are only continuing that trend, with the stock sure to touch new yearly highs in intraday trading. Shares traded above $91.50 in early trading.
Adjusted earnings per share rose 33 percent to 74 cents, easily beating the FactSet consensus of 62 cents. Revenue growth of 59 percent to $4.84 billion also easily topped expectations, which called for $4.56 billion.
Mobile monthly active users rose from 410 million in March to 427 million in June – or about 100 million more mobile users than the entire population of the U.S. Mobile growth is a vitally important statistic, as gross merchandise volume is increasingly driven by those users; mobile GMV is now responsible for 75 percent of total GMV.
“With revenues from mobile representing 75 percent of China’s commerce retail, BABA is on their way from being a mobile-first company to a mobile-only company,” says Phil Barrett, senior vice president and general manager of Purch, a digital content company.
Read the full article here: http://money.usnews.com/investing/articles/2016-08-11/alibaba-baba-stock-soars-as-earnings-wallop-expectations