Chinese e-commerce giant Alibaba (NYSE: BABA) announced its fiscal Q4 results with revenues increasing 2% year-over-year to RMB208,200 million or $30.32 billion versus consensus estimates of $30.1 billion. Adjusted earnings were RMB10.71 ($1.56) per ADS, an increase of 35% year-over-year which beat analysts’ consensus estimate of $1.37 per ADS.
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After announcing a major reorganization of its businesses back in March, Daniel Zhang, Chairman and CEO of Alibaba Group announced that the company’s Board of Directors “has approved a full spin-off of the Cloud Intelligence Group via a stock dividend distribution to shareholders, with intention for it to become an independent publicly listed company.” The company’s management added that the board had also “approved the process to start external financing for Alibaba International Digital Commerce Business Group; exploration of IPO for Cainiao Smart Logistics Group; and execution of IPO for Freshippo.”
Analysts are bullish about BABA stock with a Strong Buy consensus rating based on 17 unanimous Buys.
