Alibaba revenue beats expectations despite contraction
By Editor - Thu Aug 04, 5:54 am
Chinese e-commerce firm Alibaba Group Holding on Thursday beat market expectations for revenue in its quarter ended June, even as revenue was nearly flat and the company continues to grapple with the fallout from increased regulatory scrutiny and slowing economy growth. Alibaba reported revenues of 205.6 billion ($30.4 billion) for its quarter ended June, a 1% decrease from the same time last year. Excluding one-time charges, adjusted earnings per ADS totaled $1.75, topping the average analyst estimate of $1.60 per share.
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