Shares of Alibaba (NYSE: BABA) gained in pre-market trading on Thursday after the Chinese tech giant reported adjusted earnings of $2.79 per ADS for the December quarter which beat analysts’ consensus estimate of $2.44.
Revenues increased by 2% year-over-year to $35.92 billion surpassing analysts’ expectations of $35.7 billion.
Toby Xu, CFO of Alibaba commented, “Our net cash position remains strong and we continue to generate healthy cash flow. During the quarter ended December 31, 2022, we repurchased 45.4 million ADSs for approximately US$3.3 billion under our share repurchase program as part of our ongoing commitment to improve our shareholder return.”
Overall, analysts are bullish about BABA stock with a Strong Buy consensus rating based on 10 unanimous Buys.