Chinese tech giant Alibaba (NYSE: BABA) gained in pre-market trading on Thursday after the company’s adjusted earnings per ADS soared by 48% year-over-year to $2.40 in the second quarter and above consensus estimates of $2.04 per share.
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The company’s revenues increased by 14% year-over-year to $32.3 billion, surpassing Street estimates of $31.41 billion.
Toby Xu, Alibaba’s CFO, commented, “Due to the strong business momentum and our focus on operating efficiency across businesses, we achieved robust financial performance in the past quarter. Revenue and adjusted EBITA increased 14% and 32% year-on-year, respectively, due to improvements across all business segments.”
Analysts are bullish about BABA stock, with a Strong Buy consensus rating based on 13 Buys and one Hold.