Alibaba tops sales forecasts, shares soar 5%

Alibaba reported quarterly earnings that fell short of analysts’ expectations but sales that trumped forecasts. The shares soared 4% in pre-market trading.

The Chinese e-commerce giant posted adjusted earnings per share of 3.02 yuan, versus 3.52 yuan expected. Revenues totaled $3.751 million.

Alibaba’s performance in its fiscal fourth quarter was boosted by a 175% year-on-year growth in its cloud computing and internet infrastructure business.

The company also reported growth on Taobao, its online shopping site similar to Amazon and eBay, as it pushed further into rural China.

Fourth-quarter mobile revenues jumped 149% year-over-year to

More to come …

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