The Chinese retail giant reported diluted EPS of $1.28, thus measuring an increase of 50% on a year-over-year basis, for the quarter ending March 31st. The company’s revenue also rose by 51% to $13.932 billion.
The ongoing escalation of tensions between the US and China does not seem to hamper Alibaba’s performance, nor does it suppress its ambitions for the future growth of its operations, as the company’s Chief Executive Officer, Daniel Zhang, expressed his gratification with Alibaba’s performance[source]
“More and more, Alibaba is becoming synonymous with everyday consumption in China, growing our base to 654 million annual active consumers and extending our penetration in less-developed cities. […] Our cloud and data technology and tremendous traction in New Retail have enabled us to continuously transform the way businesses operate in China and other emerging markets, which will contribute to our long-term growth”.
Following the release of the report, Alibaba’s shares jumped with 1.58% during Wednesday’s trading session; however, it could not extend its gains above 177.60, as the price found strong resistance at 179.5059 (10-day EMA), which also coincides with the 23% Fibonacci level.
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