Alibaba Shares 7.6% As Profit, Revenue Top Estimates

Alibaba Group Holding Ltd. shares surged 7% in premarket trade Thursday, after the Chinese e-commerce giant beat profit and revenue estimates for its fiscal fourth quarter. Alibaba said it had net income of $467 million, or 18 cents a share, in the period. Adjusted per-share earnings came to 48 cents, ahead of the FactSet consensus of 43 cents. Revenue came to $2.81 billion, ahead of the FactSet consensus of $2.72 billion. The company said Chief Operating Officer Daniel Zhang will become Chief Executive effective May 10, replacing Jonathan Lu, who will remain in the board as vice chairman. Shares are down 23% in the year so far, while the S&P 500 has gained 1%.