NEW YORK (AP) - Chinese e-commerce powerhouse Alibaba's second-quarter net income topped expectations as revenue surged on mobile growth.
NEW YORK (AP) — Chinese e-commerce powerhouse Alibaba's second-quarter net income topped expectations as revenue surged on mobile growth.
The news reassured investors about how Alibaba is fairing in the uncertain Chinese economy. Its shares jumped 10 percent in premarket trading.
Net income after paying deferred dividends jumped to 33.75 billion Chinese yuan ($3.58 billion), or $1.40 per share, compared with 2.98 billion yuan in the prior year quarter. Excluding one-time costs such as a compensation expense, net income totaled 57 cents per share. That topped analyst expectations of 54 cents per share, according to FactSet.
Revenue rose 32 percent to 22.17 billion yuan ($3.49 billion) from 16.83 billion yuan. Analysts expected revenue of $3.35 billion. Mobile revenue more than doubled to 10.52 billion yuan ($1.66 billion), or 61 percent of total retail revenue.