Alibaba Group Holding Ltd. (NYSE: BABA) released its fiscal first-quarter financial results before the markets opened on Thursday. Despite the slowdown of China’s economy, the company said that it had $1.83 in earnings per share (EPS) and $16.7 billion in revenue. That compared with consensus estimates of $1.46 in EPS and revenue of $15.82 billion. In the same period of last year, the e-commerce and technology giant said it had EPS of $1.16 and $11.66 billion in revenue.

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During the most recent quarter, annual active consumers in China retail marketplaces reached 674 million, an increase of 20 million year over year. Mobile monthly active users in China retail marketplaces reached 755 million in June 2019, an increase of 34 million.

The company did not offer any guidance in the report. However, consensus estimates call for $1.41 in EPS and $16.29 billion in revenue for the fiscal second quarter.

CEO Daniel Zhang commented:

Alibaba had a great quarter, expanding our user base to 674 million annual active consumers, demonstrating our superior user experience. We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cash flow from our core commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.

Shares of Alibaba traded up more than 3% early Thursday at $167.84, in a 52-week range of $129.77 to $195.72. The consensus analyst target is $217.76.

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