Alibaba Group (NYSE: BABA) reported Q3 2020 earnings beating consensus estimates and showing strong growth on both the top and bottom lines despite the looming threat of the coronavirus.

The Chinese conglomerate posted sales of $23.19 billion for the quarter which came in ahead of consensus estimates of $22.77 billion. Revenues were up 38% over the same quarter last year.

Alibaba’s bottom line earnings came in at $2.61 per share, handily beating Wall Street expectations of $2.24.

Annual active consumers on the company’s China retail marketplaces hit 711 million, up 18 million over September 2019. While, mobile monthly active users on the company’s Chinese retail marketplace were up to 824 million in December 2019, up 39 million over September 2019.

“Alibaba Group experienced robust growth across our business this past quarter. Our digital economy reached new heights with another record 11.11 Global Shopping Festival for our merchants and partners. Continued investment in user engagement, especially through social commerce content, contributed to our strong gains in annual active consumers.Alibaba Group Executive Chairman and CEO, Daniel Zhang

During the quarter Alibaba also completed a secondary listing of their stock on the Hong Kong exchange in November. Part of the deal also included a lock-up for insiders and Softbank (who owns over 25% of the company) for 90 days. While the bulk of Alibaba shares will remained on the NYSE, the company seemed to be looking to provide Asian investors more exposure in light of the potentially protracted U.S.-China trade war.

Alibaba stock which was up over 50% during 2019 and another 5.7% year to date was down just under 1% in pre-market trading after releasing earnings results at the time of publishing.

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