Alibaba (NYSE: BABA) shares have been in a downward spiral the past five years, with the stock cut in half during that time. However, the stock has stabilized this year and the Chinese e-commerce giant appears to being making progress in its turnaround.

Let's take a closer look at its most recent earnings and why the stock looks like a good investment at these levels after its big pullback.

For its fiscal first quarter, Alibaba's revenue rose 4% to $33.5 billion. Adjusted earnings per ADS (American depositary share) fell 5% in the quarter to $2.26, while adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) slid 2% to $7 billion. Free cash flow came in at $2.4 billion.

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Source Fool.com