© Reuters. Alibaba (BABA) Shares Jump 3% as eCommerce and Cloud Demand Drives Solid Q4 Beat
Shares of Alibaba (NYSE:) jumped 3% in pre-open trading Thursday following a strong beat on the top and bottom line in the fourth quarter driven by strong e-commerce and cloud services demand as COVID lockdowns gripped parts of China.
grew 9% year-over-year in the quarter to $32.19 billion (RMB204,052 million) versus the consensus estimate of $29.64 billion. For the year, revenue grew 19%.
Revenue in the Cloud segment grew by 12% in the quarter, while revenue in the China commerce segment grew by 8%.
Non-GAAP diluted earnings per ADS was $1.25, beating the Wall Street consensus of $1.10.
The company posted a record RMB8,317 billion in global GMV for the year.
CEO Daniel Zhang said despite supply chains and weaker consumer sentiment they saw operational improvements in key strategic areas.
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