Alibaba Group Holding Co. reported third quarter earnings that topped analyst expectations.
The e-commerce giant's diluted non-GAAP earnings for the three months ending in December came in at $2.61 per share, exceeding the Street's estimate of around $2.27 per share.
Alibaba’s total revenue surged +38% year-over-year to $23.192 billion, which is higher than analysts' estimates of a $22.87 billion.
The company’s cloud computing segment’s revenues climbed +62% to a record $1.5 billion.
Alibaba garnered 10 billion yuan ($1.43 billion) in sales over the first 90 seconds of Singles' Day. The shopping bonanza’s sales touched $38.379 billion in gross merchandise value as of its closing, compared to last year's 24-hour total of $30.8 billion.
Furthermore, CEO Daniel Zhang mentioned the company’s response to the coronavirus. “We mobilized Alibaba ecosystem’s powerful forces of commerce and technology to fully support the fight against the outbreak, ensure supply of daily necessities for our communities and introduced practical relief measures for our merchants," he said. "No matter past, present or future, we remain true to our mission and we will support our merchants to overcome this challenging time together."