Chinese e-commerce firm Alibaba revenue beats expectations despite contraction
Net income plunged 50 per cent to 22.7 billion yuan (USD 3.4 billion). Excluding one-time charges, adjusted earnings per ADS totalled USD 1.75, topping the average analyst estimate of USD 1.60 per share
It was the first time that the company reported a contraction in sales. That was still better than the average analyst estimate of USD 30.09 billion, according to FactSet. Source: Reuters