HANGZHOU, China (AP) _ Alibaba Group Holding Ltd. (BABA) on Thursday reported fiscal third-quarter earnings of $3.21 billion.
On a per-share basis, the Hangzhou, China-based company said it had profit of $1.18. Earnings, adjusted for one-time gains and costs, were $2.65 per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.41 per share.
The online retailer posted revenue of $38.07 billion in the period, which met Street forecasts.
Alibaba shares have dropped nearly 8% since the beginning of the year. The stock has dropped 57% in the last 12 months.
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