Aug 18, 2020 04:26 AM
BUSINESS & TECH’s Stock Surges After Profit, Revenue Beat Expectations


What’s new: China’s e-commerce giant’s shares surged Monday in New York after it reported second-quarter earnings that beat estimates.

The company posted net income from operations of $700 million, more than double from the $332 million reported a year ago. Revenue grew 30% to $28.5 billion.

Adjusted earnings were 50 cents a share, beating Wall Street’s estimate of 39 cents. Revenue also beat analysts’ expectation of $27.4 billion. stock jumped nearly 8% to $66.98 on the Nasdaq stock exchange.

The company ended the quarter with 417.4 million annual active customers, up 30% from the year-earlier. Mobile daily active users grew 40%.

The background: competes mainly against Alibaba Group, which will report quarterly results before the market opens Thursday.

In June, the Nasdaq-listed Chinese company completed a $3.87 billion secondary listing in Hong Kong by selling 133 million new Class A ordinary shares at HK$226 ($29) a share.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Denise Jia ( and editor Bob Simison (

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