Alibaba Group Holding Ltd (NYSE:BABA) shares flying high after strong first-quarter results


Alibaba Group Holding Ltd (NYSE:BABA) shares are flying high in the pre-market session on Thursday after the company released its financial results for the first-quarter ended June 30. Shares in the pre-market have surged nearly 6 percent following the results.

The company reported net income of RMB 14,031 million and adjusted EBITDA of RMB 25,124 million. Its operating margins came in at 35 percent, while adjusted EBITDA margin was 50 percent. Diluted earnings were RMB 5.65 per share.

Revenue for the first quarter came in at RMB 50,184 million, up 56 percent from the same period last year. Sales from core commerce climbed 58 percent on year-over-year basis to RMB 43,027 million, while cloud computing revenue skyrocketed 96 percent to RMB 43,027 million.

The e-commerce giant said that its annual active consumers in China retail marketplaces surpassed 466 million. Paying customers of Alibaba’s cloud computing business jumped to 1,011,000 in the latest quarter, as compared to 874,000 in the prior quarter.