Shares in Alibaba were rising Thursday after earnings beat estimates.
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A slow spring weighed down by Covid-19 restrictions in China and a grim macro environment turned into a stronger summer,
Alibaba
said Thursday, as the Chinese e-commerce giant posted earnings that beat Wall Street’s expectations.
Alibaba
posted profit per share of 22 cents on sales of $30.7 billion in the three months ended in June, narrowly topping analysts’ forecast of 20 cents in per-share profit on sales of $30.3 billion.
Shares in
Alibaba
(ticker: BABA) gained 6% in U.S. premarket trading. The stock was up nearly 2% in the premarket before earnings were released. Futures for the
S&P 500
index were 0.2% higher.
“Following a relatively slow April and May, we saw signs of recovery across our businesses in June,” Daniel Zhang, the company’s chair and CEO, said in a statement. “During the past quarter, we actively adapted to changes in the macro environment and remained focused on our long-term strategy.”
Write to Jack Denton at jack.denton@dowjones.com
