Alibaba Group, the massive Chinese online retailer, posted stronger than expected fiscal second quarter earnings on Wednesday morning and the stock is ticking higher.
The Chinese online retailer beat on both earnings and revenue with earnings per share of 5.26 Chinese yuan per share against analyst expectations of 4.69 Chinese yuan. Revenue also came in 34.3 billion yuan against 33.9 billion yuan expected by analysts.
In US dollar denominated terms, the company earned $0.79 per share and revenue of $5.12 billion.
The company itself noted the beat on expectations, tweeting that the results were a “clean beat from top to bottom.”
Following the news, Alibaba’s stock rose in pre-market trading by just over 2% as of 7:35 a.m. ET to $103.38 per share.
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