International stocks have been on a run, particularly in China. Well, that run continued today despite mixed results from e-commerce giant Alibaba. 🛒
First up, Alibaba reported adjusted earnings per share of $1.82 vs. the $1.70 expected. However, revenues of $29.12 billion fell short of the $29.60 billion expected as covid lockdowns and regulatory issues hampered the company’s operations.
Investors are used to double-digit revenue growth, but YoY sales increased just 3% in the quarter. With that said, it’s an improvement from the 4% decline last quarter.
Investors appear to be looking ahead despite the macroeconomic uncertainty and covid issues. $BABA shares rallied another 8% today, adding to their strong rally since late October. 💪
Tomorrow morning, we’ll hear from JD.com, who investors think experienced similar headwinds.