Alibaba (NYSE:BABA) stock is on the move Thursday following the release of the Chinese e-commerce company’s earnings report for the third quarter of 2022.
Results from the company’s most recent quarter include adjusted earnings per share of $1.82. That’s better than the $1.65 per share that Wall Street was expecting for the quarter. It’s also better than the $1.76 per share reported in the third quarter of 2021.
On the flip side of that, Alibaba’s revenue of $29.12 billion is disappointing. It falls short of analysts’ revenue estimate of $29.57 billion for the period. However, it does represent a 3% increase year-over-year.
Daniel Zhang, chairman and CEO of Alibaba, said the following in the earnings report.
“We delivered solid results this past quarter despite ongoing macro environment challenges, which is a testament to our resilient business model and unmatched customer value proposition. The uncertainties of the global landscape have only reinforced our resolve to focus on building capacity that will yield sustainable, high-quality growth for our customers and our own business over the long term.”
Investor Reactions to BABA’s Q3 Earnings
So, far things are looking good this morning with some 9 million shares of BABA stock on the move. That’s not a bad start to the day compared to the company’s daily average trading volume of about 23 million shares.
In addition to that, shares of BABA stock are up 2.2% as of Thursday morning. Investors will note that the stock is still down 33.8% since the start of the year.
Traders looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market stories for Thursday! That includes the biggest pre-market stock movers from this morning, as well as the latest news on SoFi (NASDAQ:SOFI) and Micron (NASDAQ:MU). You can find all of that news below!
More Thursday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- 5 Investors Betting Big on SOFI Stock
- Micron (MU) Stock Falls After Issuing Grim Warning for Industry
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.