Alibaba Reports Q2 Earnings Beat, Cites Thriving Digital Economy

Alibaba Group Holding BABA reported better-than-expected second-quarter EPS and sales results on Friday.

Alibaba reported earnings of $1.83 per share, which beat the analyst consensus estimate of $1.50 by 22%. This is a 30.71% increase over earnings of $1.40 per share from the same period last year. The company reported sales of $16.651 billion, which beat the analyst consensus estimate of $16.46 billion.

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"Our digital economy continues to thrive and prosper,” said Daniel Zhang, Executive Chairman and CEO. “We aim to serve over one billion annual active consumers and help our merchants achieve over RMB10 trillion in annual gross merchandise volume by end of fiscal 2024. We will continue to invest in the user experience and innovative technology to create new value for consumers, as well as the millions of enterprises undergoing digital transformation in the new digital economy."

Alibaba shares closed Thursday's session at $176.67. The stock has a 52-week high of $195.72 and a 52-week low of $129.77.