Alibaba's stock rallies after profit beat expectation as AI business sees rapid growth

Dow Jones11-15

MW Alibaba's stock rallies after profit beat expectation as AI business sees rapid growth

The U.S.-listed shares of Alibaba Group Holding Ltd. $(BABA)$ rallied 3.4% in premarket trading Friday, after the China-based e-commerce giant reported fiscal second-quarter profit that beat expectations, as the AI business continued to see rapid growth, to offset a revenue miss. Net income rose to 43.55 billion renminbi ($6.21 billion), or RMB18.17 per American depositary share, from RMB29.7 billion, or RMB10.77 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per ADS fell to RMB15.06 from RMB15.63 but beat the FactSet consensus of RMB14.82. Revenue grew 5.2% to RMB236.50 billion ($33.70 billion), but came up short of the FactSet consensus of RMB239.45 billion. Revenue from the company's Taobao and Tmall e-commerce businesses increased 1.4% to RMB98.99 billion but was below the FactSet consensus of RMB104.34 billion. The company's cloud intelligence group saw revenue rise 7.1% to RMB29.61 billion to top the FactSet consensus of RMB29.52 billion. The company said artificial-intelligence related revenue grew at a triple-digit percentage rate for a fifth consecutive quarter. The stock has gained 16.9% year to date through Thursday, while the iShares MSCI China ETF $(MCHI)$ has advanced 16.2% and the S&P 500 index has rallied 24.7%.

-Tomi Kilgore

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November 15, 2024 06:57 ET (11:57 GMT)

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Net income rose to 43.55 billion renminbi ($6.21 billion), or RMB18.17 per American depositary share, from RMB29.7 billion, or RMB10.77 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per ADS fell to RMB15.06 from RMB15.63 but beat the FactSet consensus of RMB14.82. Revenue grew 5.2% to RMB236.50 billion ($33.70 billion), but came up short of the FactSet consensus of RMB239.45 billion. Revenue from the company's Taobao and Tmall e-commerce businesses increased 1.4% to RMB98.99 billion but was below the FactSet consensus of RMB104.34 billion. The company's cloud intelligence group saw revenue rise 7.1% to RMB29.61 billion to top the FactSet consensus of RMB29.52 billion. The company said artificial-intelligence related revenue grew at a triple-digit percentage rate for a fifth consecutive quarter. The stock has gained 16.9% year to date through Thursday, while the <a href=\"https://laohu8.com/S/EEMA\">iShares</a> MSCI China ETF <a href=\"https://laohu8.com/S/MCHI\">$(MCHI)$</a> has advanced 16.2% and the S&amp;P 500 index  has rallied 24.7%. \n</p>\n<p>\n     -Tomi Kilgore \n</p>\n<p>\n     This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. 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Net income rose to 43.55 billion renminbi ($6.21 billion), or RMB18.17 per American depositary share, from RMB29.7 billion, or RMB10.77 per ADS, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per ADS fell to RMB15.06 from RMB15.63 but beat the FactSet consensus of RMB14.82. Revenue grew 5.2% to RMB236.50 billion ($33.70 billion), but came up short of the FactSet consensus of RMB239.45 billion. Revenue from the company's Taobao and Tmall e-commerce businesses increased 1.4% to RMB98.99 billion but was below the FactSet consensus of RMB104.34 billion. The company's cloud intelligence group saw revenue rise 7.1% to RMB29.61 billion to top the FactSet consensus of RMB29.52 billion. The company said artificial-intelligence related revenue grew at a triple-digit percentage rate for a fifth consecutive quarter. The stock has gained 16.9% year to date through Thursday, while the iShares MSCI China ETF $(MCHI)$ has advanced 16.2% and the S&P 500 index  has rallied 24.7%. \n\n\n     -Tomi Kilgore \n\n\n     This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 15, 2024 06:57 ET (11:57 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483601324"}