- Ruben Sprich/Reuters
The Chinese e-commerce giant posted earnings of $0.82 per share, compared to Wall Street’s estimate of $0.61. Revenue came in at $7.322 billion, which was above estimates of $7.186 billion.
Shares of Alibaba are up 4.68% in early trading Thursday after the earnings beat.
Alibaba gained 86% of its total revenue from online retail, but saw a huge jump in its cloud business. Revenue from the cloud grew 96% in the quarter to 2.4 billion Chinese yuan.
Last week, hedge fund manager David Tepper disclosed a large holding in Alibaba, equating to about $520.5 million.
Alibaba is up more than 81% this year.
- Markets Insider