Alibaba Group Q3 Profit Climbs On Higher Revenues; Stock Up In Pre Market

(RTTNews) - Chinese e-commerce giant Alibaba Group Holdings Ltd. (BABA) reported Thursday that its third-quarter net income attributable to ordinary shareholders was RMB46.82 billion or $6.79 billion, an increase of 69 percent from last year's RMB27.69 billion.

The higher results primarily reflected a decrease in impairment of goodwill in relation to Digital media and entertainment segment.

Earnings per share in the quarter were RMB2.24 or $0.32 or HK$2.51, compared to prior year's RMB1.27. Earnings per ADS in the quarter were RMB17.91 or $2.60, compared to earnings per ADS of RMB10.19 in 2021.

Adjusted net income was RMB49.93 billion or $7.24 billion, an increase of 12 percent year-over-year.

Adjusted earnings per share in the quarter were RMB2.41 or $0.35 or HK$2.70, an increase of 14 percent from RMB2.11 in 2021. Adjusted earnings per ADS were RMB19.26 or $2.79, an increase of 14 percent from RMB16.87 a year ago.

Revenue for the quarter grew 2 percent to RMB247.76 billion or $35.92 billion from prior year's RMB242.58 billion.

Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group said, " We delivered a solid quarter despite softer demand, supply chain and logistics disruptions due to impact of changes in COVID-19 measures. Looking ahead, we expect continued recovery in consumer sentiment and economic activity. We are focused on driving growth for our customers amid the competitive landscape..."

In pre-market activity on the NYSE, the shares were gaining around 6.3 percent to trade at $100.78.

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