HONG KONG — Chinese e-commerce company Alibaba Group Holding on Thursday beat market expectations for income in its quarter ended June, even as earnings was almost flat and its internet earnings plunged 50%.
The business hasactually been grappling with increased regulative examination and fines and a slowing economy.
Alibaba reported profits of 205.6 billion ($30.4 billion) for its quarter ended June, down 0.1% from the verysame duration last year however still muchbetter than the average expert pricequote of $30.09 billion, according to FactSet. It was the veryfirst time the business has reported a contraction in sales.
Net earnings toppled 50% to 22.7 billion yuan ($3.4 billion). Excluding one-time charges, changed profits per ADS amountedto $1.75, topping the average expert quote of $1.60 per share.
The business’s U.S.-listed shares increased 5% in early trading Thursday. Its shares traded in Hong Kong slipped 2.2% early Friday.
Alibaba was struck tough in the last quarter as China lock