Alibaba Group (NYSE: BABA) reported third-quarter 2021 financial results before the regular market hours on Tuesday. The Chinese e-commerce major reported third-quarter revenue of $33.88 billion, up 37% year-over-year and above the Wall Street projection. Net income of $3.38 per share was also higher than what analysts had anticipated.
BABA shares were trading modestly in the green zone immediately following the announcement. The stock has gained 24% in the trailing twelve months.
CEO Daniel Zhang said in a statement, “Our cloud computing business continues to expand market leadership and show strong growth, reflecting the massive potential of China’s nascent cloud computing market as well as our years of investment in technology.”
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