Alibaba (NYSE: BABA) reported Q3 EPS of $1.63, $0.04 worse than the analyst estimate of $1.67. Revenue for the quarter came in at $12.76 billion versus the consensus estimate of $12.61 billion.

“Alibaba had another great quarter driven by the continued strength of the Chinese consumer and the wide and innovative range of services we provide for merchants and consumers,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “We are excited by the continued momentum in New Retail, which came to life during another record-breaking 11.11 Global Shopping Festival. We expanded the scale and footprint of our New Retail initiatives with the vision of delivering true convergence of the online and offline consumer experience through mobile and enterprise technology.”

“We had an excellent quarter, with revenue growth of 56% year-over-year. Given our strong performance and clear visibility as we approach the end of the fiscal year, we are taking up our 2018 fiscal year revenue guidance to 55% to 56%, which is an increase over the top end of the range of 53% that we communicated last quarter,” said Maggie Wu, Chief Financial Officer of Alibaba Group. “Our core business generated significant free cash flow of US$7.1 billion during the quarter, enabling us to invest in New Retail, cloud computing, digital entertainment and globalization.”

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