Alibaba Group Holding Ltd - ADR (NYSE:BABA) shares are trading lower by 3.87% at $105.53 Thursday morning after the company reported third-quarter earnings.
Alibaba reported quarterly earnings of $2.65 per share which beat the analyst consensus estimate of $2.55. The company also reported quarterly sales of $38.07 billion which missed the analyst consensus estimate of $38.83 billion by 2%. This is a 12% increase over sales of $33.88 billion the same period last year.
Alibaba says the China commerce segment grew by 7% year-over-year to $27 billion, Cloud segment by 20% year-over-year to $3 billion, Local consumer services segment by 27% year-over-year to $1.9 billion and International commerce segment by 18% year-over-year to $2.5 billion.
"We delivered healthy results this quarter with revenue growth of 10% year-over-year. We have always innovated and invested for the long term throughout Alibaba's history. As demonstrated by our new segmental disclosure, our continued investments in growth initiatives have seen tangible results," said Maggie Wu, Chief Financial Officer of Alibaba Group.
