Alibaba Crushes Q3, Shares Soar
Alibaba reported third-quarter results on Thursday morning that beat Wall Street's estimates for profits and revenues.
Strong user activity on mobile, and the record-setting Singles Day shopping event in November, boosted the company's performance and contributed to a 32 percent increase in revenues.
The Chinese e-commerce giant earned 6.43 yuan ($0.98) in adjusted earnings per share (5.81 estimated according to Bloomberg), and 34.5 billion yuan ($5.3 billion) in revenues (33.2 billion yuan expected).
Alibaba also amassed over 400 million annual active buyers for the first time ever.
Gross Merchandise Volume, which measures the total value of transactions that pass through the market, rose 23 percent year-on-year to $149 billion in China.