Alibaba beats second quarter profit forecast, lacks revenue


Alibaba Group Holding Ltd. (BABA) – Get the report released stronger-than-expected second-quarter results on Thursday as core e-commerce revenue jumped nearly a third after China eased coronavirus lockdown restrictions.Alibaba said non-GAAP diluted diluted profit for the three months ending September, the group’s fiscal second quarter, was set at $ 4.83, down 63% from same period year last, but well ahead of the Street consensus forecast of $ 2.08 per share. The group’s revenue, Alibaba said, rose 30% to a US dollar equivalent of $ 22.838 billion, but is barely lower than analysts’ estimates of a total of $ 23.19 billion.


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