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Alibaba Investors Cheer Following Q1 Beat

Alibaba Investors Cheer Following Q1 Beat - Alibaba NYSE:BABA, JD.com NASDAQ:JD

Alibaba Group Holding Ltd BABA followed another Chinese firm - JD.Com Inc JD - to report better than estimated results for the first quarter.

Alibaba reported non-GAAP EPS of $0.74 representing 33 percent year-over-year growth. This was $0.11 a share higher than the Street estimate of $0.63. In local currency its adjusted EPS was RMB 4.90.

Alibaba's revenue for the three-month period was RMB 32.154 billion or US$4.84 billion, an increase of 59 percent from the previous year period. Street expected revenue of $4.54 billion. Its retail marketplace revenue was $3.52 billion and mobile revenue recorded 119 percent year-over-year growth and represented 75 percent of its total China retail marketplaces revenue.

CEO Daniel Zhang commented, "Alibaba Group had an outstanding quarter. Our results show the scale and leverage of our ecosystem, as we strengthen our competitive positions in core commerce, cloud computing and digital media and entertainment."

In pre-market trading, shares of the company were up $3.43, or 3.92 percent, to $90.75.

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.