Alibaba Q3 Profit Surges On Revenue Growth; Stock Up In Pre-market

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(RTTNews) - E-commerce giant Alibaba Group Holdings Ltd. (BABA) reported Thursday significantly higher profit in its third quarter with increased revenues.

In pre-market activity on the NYSE, Alibaba shares were gaining around 7 percent to trade at $134.44.

For the third quarter, net income attributable to ordinary shareholders was RMB48.95 billion or $6.71 billion, higher than prior year's RMB14.43 billion.

Earnings per share were RMB2.55 or $0.35, compared to RMB0.71 last year. Earnings per ADS was RMB20.39 or $2.79, higher than prior year's RMB5.65.

Adjusted net income was RMB51.07 billion or $7.00 billion, compared to RMB47.95 billion in the same quarter of 2023.

Adjusted earnings per share was RMB2.67 or $0.37, compared to RMB2.37 a year ago. Adjusted earnings per ADS was RMB21.39 or $2.93, compared to prior year's RMB 18.97.

Revenue was RMB280.15 billion or $38.38 billion, an increase of 8 percent from RMB260.35 billion in the previous year.

Eddie Wu, Chief Executive Officer of Alibaba Group, said, "Looking ahead, revenue growth at Cloud Intelligence Group driven by AI will continue to accelerate. We will continue to execute against our strategic priorities in e-commerce and cloud computing, including further investment to drive long-term growth."

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