Alibaba’s $35.28 billion Q4 revenue tops forecasts, driving a 6% surge in shares and lifting broader tech stocks.
U.S. equities diverged mid-session Wednesday, with the Nasdaq Composite rising 1.18% to 26,395.66, fueled by Alibaba’s fiscal fourth-quarter results. The Dow Jones Industrial Average slipped 0.24% to 49,638.96, while the S&P 500 added 0.60% to 7,445.55.
Alibaba reported quarterly revenue of $35.28 billion, a 3% year-over-year increase and marginally above the $35.23 billion consensus. Excluding divested units, revenue climbed 11% on a like-for-like basis. Adjusted earnings per ADS missed estimates at $0.09 versus the expected $1.12.
Communication services stocks led sector gains, up 1.6%, while utilities declined 1.4%. Other notable movers included Velo3D, C4 Therapeutics, and Tower Semiconductor, which rallied on strong quarterly results and guidance.