Alibaba Shares Jump 14% On Strong Q1 Earnings

(RTTNews) - Alibaba Group Holding Limited (BABA) surged 13.73 percent to $135.99 on Friday, gaining $16.42 after posting stronger-than-expected quarterly results. The company reported revenue of RMB 247.7 billion for the June quarter, up from RMB 243.2 billion a year earlier. Net income climbed to RMB 42.4 billion, compared with RMB 24.0 billion in the prior year.

The stock opened at $128.88 and traded between $128.55 and $134.49, versus a previous close of $119.57 on the New York Stock Exchange. Trading volume spiked to 55.76 million shares, far above the average of 12.89 million.

Alibaba now trades near the high end of its 52-week range of $80.06 to $148.43, boosted by its earnings momentum.