Alibaba takes mantle of the most valuable company in Asian area
Jason
2017-06-09 15:57:50
On the back of a strong sales forecast, Alibaba has overtaken tech giant Tencent to become Asia's largest company by market value, Sina Tech reports.
Alibaba closed at $142.34 on Thursday, up 13.29 percent or $16.70 higher, vaulting its capitalization to $362.3 billion and surpassing Tencent's $332.3 billion.
At an investors conference in Hangzhou, Alibaba chief financial officer Maggie Wu said that the company expected revenue growth of 45 to 49 percent in the 2018 financial year.
The figure exceeded market expectations of 36 to 38 percent growth. Shares of Alibaba jumped 7.1 percent to $134.50 in pre-market trading as investors were pleased with the revenue forecast.
At the same investors day last year, the company predicted 48 percent revenue growth for 2017 which was subsequently revised up to 53 percent growth, and eventually posted 56 percent revenue growth.
Last month, Alibaba released its 2017 financial year report, showing the company has overtaken Tencent in some core indicators, such as revenue, profit and cash flow.
Alibaba closed at $142.34 on Thursday, up 13.29 percent or $16.70 higher, vaulting its capitalization to $362.3 billion and surpassing Tencent's $332.3 billion.
At an investors conference in Hangzhou, Alibaba chief financial officer Maggie Wu said that the company expected revenue growth of 45 to 49 percent in the 2018 financial year.
The figure exceeded market expectations of 36 to 38 percent growth. Shares of Alibaba jumped 7.1 percent to $134.50 in pre-market trading as investors were pleased with the revenue forecast.
At the same investors day last year, the company predicted 48 percent revenue growth for 2017 which was subsequently revised up to 53 percent growth, and eventually posted 56 percent revenue growth.
Last month, Alibaba released its 2017 financial year report, showing the company has overtaken Tencent in some core indicators, such as revenue, profit and cash flow.
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