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Alibaba beats expectations on Q3 as marketplace volumes jump 28%
Alibaba beat expectations on third quarter earnings and the stock is rallying hard, gaining 7%. Yahoo came along for the ride, gaining 1.58%.
Business Insider explains:
The Chinese e-commerce giant posted sales of 22.2 billion yuan ($3.5 billion) for its fiscal second quarter that ended in September, up 32% year-over-year. Analysts had estimated sales of 21.3 billion yuan.
Net income came in at 22.7 billion yuan ($3.6 billion).
The metric that many analysts watch closely is the total value of transactions made across the Alibaba marketplace, called gross merchandise volume. That rose 28% year-on-year to $713 billion yuan ($112 billion).
And Howard Lindzon chuckled:
Alibaba has dedicated their earnings call to Barron's (negative cover story $64) ... Today's price $84$baba
— Howard Lindzon (@howardlindzon) Oct. 27 at 08:46 AM