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Alibaba Shares Jump 3% as E-commerce and Cloud Demand Drives Solid Q4 Beat -Breaking


© Reuters. Alibaba (BABA), Shares Rise 3% As eCommerce Demand and Cloud Demand Drive Solid Q4 Beat

The shares of Alibaba The stock rose 3% Thursday in pre-open trades following a strong fourth quarter beat driven by strong cloud and e-commerce demand. This is despite COVID lockdowns affecting parts of China.

Year-over-year, revenue increased 9% to $32.19Billion (RMB204052 Million) in quarter compared to the consensus estimate which was $29.64B. The year’s revenue increased 19%.

The quarter saw a 12% increase in revenue for the Cloud segment, and a 8% rise in China commerce revenues.

Non-GAAP earnings per ADS were $1.25, which beat the Wall Street consensus at $1.10.

Record RMB8,317 trillion in worldwide GMV was posted by the company for this year.

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Daniel Zhang, CEO of China’s company, stated that despite weaker consumer sentiment and supply chain problems they had seen operational improvement in strategic areas.