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Alibaba is on top of the game

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 septiembre 2020
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


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Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel comenzó su destacada carrera profesional en reputadas instituciones financieras como el Banco Santander y el Banco Central-Hispano. Es autor de importantes libros sobre trading en el mercado de divisas.