2024-02-07 09:30:35 ET
Summary
- Alibaba Group Holding Limited Q3 earnings beat expectations, with $36.67 billion in revenue and $2.67 in adjusted EPS.
- The stock rallied pre-market after the earnings release, likely due to news of increased buybacks.
- Alibaba's international commerce segment showed the biggest growth, with $4 billion in revenue, up 44% YoY.
- I was a bit underwhelmed by the sluggish growth in the quarter, although the increased buyback was very welcome.
- In this article, I explain why I'm still bullish on Alibaba stock after its December quarter release.
Alibaba Group Holding Limited ( BABA ) just released its fiscal Q3 earnings for the quarter ended December 31 2023. The results were $36.67 billion in revenue, a beat, and $2.67 in adjusted EPS, also a beat. The results were better than what analysts expected, mainly due to some last minute downward revisions. The top line growth (5% in constant currency and 2.1% in U.S. dollars) was underwhelming, but the stock rallied in the pre-market session after the results were released. That was most likely due to news of increased buybacks – an additional $25 billion was authorized....
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Alibaba: OK Earnings, Very Nice Buyback