Shares of Alibaba Group Holding Ltd. BABA, +2.84% surged 4.2% in active premarket trade Wednesday, after the China-based e-commerce giant reported fiscal fourth-quarter earnings and revenue that rose above expectations. Net income for the quarter to March 31 rose to RMB25.83 billion ($3.85 billion), or RMB9.84 a share, from RMB7.56 billion, or RMB2.88 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS rose 50% to RMB8.57 ($1.28). Revenue rose 51% to RMB93.50 billion ($13.93 billion). The FactSet consensus for EPS was RMB6.56 and for revenue was RMB91.54 billion. Cloud computing revenue rose 76% to RMB7.73 billion. Mobile monthly active users (MAUs) on China retail marketplaces reached 721 million in March, up 3.1% from December. Gross merchandise volume for the fiscal year rose 19% to RMB5.73 trillion ($853 billion). Looking ahead, the company expects to generate over RMB500 billion in revenue in fiscal 2020, up from RMB376.84 billion in 2019. Alibaba’s stock has run up 27.6% year to date through Tuesday, while the S&P 500 SPX, +0.80% has gained 13.1%.

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