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Alibaba Defies China Slowdown; Sales, Earnings Top Estimates

  • Company forecasts fiscal 2020 revenue growth of at least 33%
  • Adjusted EPS beat projections as cloud unit sales surge
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Key Takeaways From Alibaba, Tencent Results
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Alibaba Group Holding Ltd. posted sales and earnings that topped estimates as the Chinese e-commerce giant overhauled shopping recommendations to defy a slowing economy.

Revenue climbed to 93.5 billion yuan ($13.6 billion) in the three months ended in March, about 1.8% above estimates as adjusted earnings-per-share of 8.57 yuan topped projections for 6.5 yuan. Alibaba expects sales in the current year to jump at least 33% to more than 500 billion yuan.