Why Alibaba Stock Is Soaring Today
Shares of the Chinese e-commerce company Alibaba Group Holding (NYSE: BABA) spiked this morning after the company reported fourth-quarter results that beat analysts' consensus top- and bottom-line estimates.
The tech stock was up by 12.7% as of 11:36 a.m. ET.
Alibaba reported non-GAAP (adjusted) earnings per American depository share (ADS) of $1.25 in the quarter, which was a 23% drop from the year-ago quarter but far above Wall Street's consensus estimate of $1.10 for the quarter.
Source Fool.com
