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Alibaba Group Holding Limited (NYSE:BABA) experienced a slight dip in its stock price on Thursday. The company released its fiscal first-quarter 2024 earnings report.
Revenue Miss and Profit Beat: For the first quarter, Alibaba reported a 4% year-over-year increase in revenue, reaching $33.47 billion. However, this figure fell short of analysts’ expectations, who had anticipated revenue of $34.81 billion. Despite the revenue miss, Alibaba managed to beat earnings expectations, with adjusted earnings per American Depositary Share (ADS) coming in at $2.26, surpassing the consensus estimate of $2.13. Additionally, adjusted net income decreased by 9% to $5.6 billion.
Segment Performance: Alibaba’s various business segments delivered mixed results in the quarter:
What Else: Alibaba's leadership, including CEO Eddie Wu, emphasized their focus on enhancing user experience and maintaining market leadership, particularly in the cloud business.
BABA Price Action: Alibaba shares were up by 0.38% at $79.17 according to Benzinga Pro.
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Posted In: BABA