From StockNews.com: Alibaba Group Holding Ltd (NYSE:BABA) early Tuesday posted market beating third quarter earnings results and lifted its revenue outlook for 2017.

The China-based retail giant reported adjusted Q3 EPS of $1.30, which was $0.17 better than the Wall Street consensus estimate of $1.13. Revenues surged 54% from last year to $7.67 billion, also easily topping analysts’ view for $7.34 billion.

Alibaba said that revenue from core commerce rose 45% in the latest period, while cloud computing sales jumped 115%. Meanwhile, digital media and entertainment revenue surged 273%, and revenue from innovation initiatives and others increased 61%.

Mobile active users (MAUs) in Chinese retail marketplaces grew to 493 million in December, up 43 million (+9.6%) over September. Annual active buyers on BABA’s China retail marketplaces rose to 443 million, up a more modest 4 million compared with the 12-month period ended in September.

Looking ahead, Alibaba forecast full-year 2017 revenues to rise 53%. That’s up from a prior +48% outlook, and implies 2017 revenues of $23.8 billion, ahead of Wall Street’s expectation of $22.28 billion for the year.

The company commented via press release:

The 11.11 Shopping Festival featured Alibaba at its best, integrating commerce, entertainment and social engagement, all happening globally at record scale. We are driving the age of ‘New Retail,’ which leverages big data and innovation to provide a seamless online and offline experience for nearly half a billion mobile monthly active users. This retail transformation will make it even easier and more efficient for brands and retailers to engage with these consumers anywhere, anytime.

Alibaba Group Holding Ltd shares rose $0.59 (+0.6%) in premarket trading Tuesday. Year-to-date, BABA has gained 12.07%, versus a 1.17% rise in the benchmark S&P 500 index during the same period.

BABA currently has a StockNews.com POWR Rating of B (Buy), and is ranked #7 of 61 stocks in the China category.

This article is brought to you courtesy of StockNews.com.

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