Before the market close on Thursday afternoon, the retail giant reported its earnings for the fiscal quarter ending June 2019 and the results are more than encouraging. Alibaba reported $1.45 earnings per share, which surpassed the initially forecasted $1.13 EPS, and the surplus in the performance amounted to a 28.32 per cent positive surprise.
The total revenue was reported at $16.741 million, which measures an increase of 42 per cent year-over-year. Furthermore, the number of annual active consumers on Chinese retail marketplaces has reached 674 million, an increase of 20 million from the 12-month period ending on the 31st of March this year. Daniel Zhang, Chief Executive Officer of Alibaba Group. Commented on the findings of the report by stating:
“We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.” [source]
Following the release of the earnings report, the share price of Alibaba closed Thursday’s trading session at 166.97, which amounted to a 3.03 per cent increase. Thus, the share price reached and closed just below the major 38.2% Fibonacci retracement level of 170.30. Then, on Friday, the price managed to break above that fundamentally important resistance level by adding an additional 4.57 per cent gains.
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