Did Alibaba Just Prove the Bears Wrong?
Shares of Alibaba (NYSE: BABA) recently rose after the Chinese tech giant posted its first-quarter numbers. Its revenue jumped 42% annually to 114.9 billion RMB ($16.7 billion), topping estimates by $880 million.
Its adjusted net income surged 54% to 30.9 billion RMB ($4.5 billion), or $1.83 per ADS, which also beat expectations by $0.34. That earnings beat looked solid, but will it give Alibaba enough momentum to rally amid concerns about the U.S.-China trade war and tariffs?