Alibaba reported fiscal first-quarter earnings on Thursday that beat expectations, sending shares higher. In the quarter, Alibaba faced a number of headwinds including a resurgence of Covid in China that led to major cities being locked down and a sluggish Chinese economy in the second quarter. Here’s how Alibaba did in its fiscal first quarter, versus Refinitiv consensus estimates. Revenue: 205.55 billion Chinese yuan ($30.68 billion) vs. 203.19 billion yuan expected, remaining flat year-on-year.
Earnings per American depositary share (ADS): 11.73 yuan vs. 10.39 yuan expected, down 29% year-on-year.
Net income: 22.73 billion yuan vs. 18.72 billion yuan expected.