HONG KONG (AP) — HONG KONG (AP) — Alibaba Group Holding Ltd. (BABA) on Thursday reported fiscal fourth-quarter net income of $3.42 billion, after reporting a loss in the same period a year earlier.
The Hong Kong-based company said it had net income of $1.31 per share. Earnings, adjusted for one-time gains and costs, were $1.56 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The online retailer posted revenue of $30.32 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $30.35 billion.
Alibaba shares have increased almost 3% since the beginning of the year. The stock has declined slightly more than 1% in the last 12 months.
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