Alibaba earnings could mark an improvement in the Chinese economy
The Chinese behemoth retailer Alibaba managed to surprise Wall Street with Q2 earnings that topped the estimates.
Alibaba generated $21.76 billion in revenue, marking a 34% increase from the same time last year. Analysts were foresting $21.4 billion. At the same time, the company had a net income of $3.74 billion, or $2.51 per share.
In China, the number of active customers increased by 16 million to 742 million, as inland users turned to e-commerce due to the pandemic.
Now, given the company's resilience and results in Q2, experts believe that Alibaba's stock price is to reach a high of $300, as its current stock price is $260 (according to MarketWatch).
Following the report, the stocks gained 0.5%. In the past quarter, Alibaba stock price increased by 20%, while USA500 went higher by 14%.
See how other retailers did in Q2 on CAPEX.com!
Sources: marketwatch.com, businesswire.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.