Alibaba crushes earnings expectations, shares soar

Alibaba reported third quarter results on Thursday morning, beating Wall Street’s estimates for profits and revenues.

The Chinese e-commerce earned 6.43 yuan in adjusted earnings per share (5.81 estimated according to Bloomberg), and 34.5 billion in revenues (33.2 billion expected).

Alibaba also scored over 400 million annual active users for the first time ever.

The company’s shares rose by as much as 5% in pre-market trading.

More to come …

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