Hong Kong, Aug. 5 (BUS): Chinese e-commerce company Alibaba Holdings beat market expectations for revenue in the quarter to June, even as revenue nearly flattened and its net income fell 50%.
Alibaba reported revenue of $205.6 billion ($30.4 billion) for the quarter ending in June, down 0.1% from the same period last year, but still better than the average analyst estimate of $30.09 billion, according to FactSet. This was the first time the company had reported a sales contraction.
Net income fell 50% to 22.7 billion yuan ($3.4 billion). Excluding one-time fees, adjusted earnings per ADS totaled $1.75, beating the average analyst estimate of $1.60 per share.
Shares of the US-listed company rose 5% in early trading Thursday. Its Hong Kong-traded shares fell 2.2% early Friday, according to the Associated Press.
insult