Alibaba Adds $7.5 Billion in Market Value After Raising Forecast
- December quarter earnings, revenue beat analyst estimates
- Cloud services, entertainment unit posted surging sales
Alibaba Raises Sales Forecast After Beating Estimates
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Alibaba Group Holding Ltd. added $7.5 billion to its market value after reporting quarterly results that beat estimates and raising its full-year sales forecast.
China’s biggest e-commerce company increased its projection for fiscal 2017 revenue growth to 53 percent, from 48 percent previously, as Chinese spending stays strong and the company wrings revenue from fledgling areas such as cloud computing, entertainment and search. That may help assuage investors concerned that a deceleration in the world’s second-largest economy is curtailing Alibaba’s main online commerce business.