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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