Alibaba Shares Soar After Beating Estimates in its Q1 Report

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China’s top e-commerce firm Alibaba just reported its first-quarter results and revenue was a huge win.

The company reported revenue of $50.1 billion yuan for the three months ended June 30th. This was higher than the $47.7 billion yuan that analysts had been expecting and was also a 56% compared to the year ago period.

Alibaba’s cloud business alone saw a 96% jump in the quarter to 2.4 billion yuan. The company experienced a milestone with paying customers breaking the 1 million market for the very first time. In the year ago period this number was 577,000.

The company’s e-commerce platforms contributed 86% of revenue in the three months compared to the 73% a year earlier.
Net income was $2.17 billion, or 83 cents per share.

Not only were the earnings impressive but the company’s CEO Daniel Zhang also confirmed that Alibaba led a $1.1 billion investment in Tokopedia, a Southeast Asian retailer.

The company also invested $1 billion in Lazada Group, an e-commerce platform based in Singapore.

Shares of the stock have increased more than 81% this year so far.

Disclaimer: We have no position in Alibaba Group Holding Ltd (NYSE: BABA) and have not been compensated for this article.