Alibaba (NYSE: BABA) reported strong fourth-quarter results and its stock rose over 13% amid the news. Nevertheless, the company announced it would not be issuing a forecast for the new fiscal year, amid pandemic-related risks and uncertainties.
The multinational technology company reported earnings of USD0.16 a share, compared to the expected USD0.14 a share. Furthermore, revenue amounted to USD32.2 Billion, higher than analysts anticipated USD30.8 Billion.
“We delivered healthy results this quarter with revenue growth of 9% year-over-year. Total revenue for the fiscal year grew 19% year-over-year, despite a challenging macro environment. Our continued investments in strategic initiatives have generated promising growth momentum and improved operating efficiency,” said Toby Xu, Chief Financial Officer of Alibaba Group. “Looking ahead to fiscal year 2023, we will firmly focus on generating sustainable, high-quality revenue growth and optimizing our operating cost structure to enhance overall return amidst these uncertain times.”
The changes are a positive for the company, which’s stock had previously tumbled 56% throughout the last 12 months. Meanwhile, its forecast for consumers has been affected by rising inflation amid soaring energy prices.
“Despite macro challenges that impacted supply chains and consumer sentiment, we continued to focus on customer value proposition and building the capabilities to deliver value,” chief executive Daniel Zhang said in a statement.