Alibaba is popping after earnings

Ruben Sprich/Reuters

Alibaba crushed its first quarter earnings report, released before the market opened Thursday.

The Chinese e-commerce giant posted earnings of $0.82 per share, compared to Wall Street’s estimate of $0.61. Revenue came in at $7.322 billion, which was above estimates of $7.186 billion.

Shares of Alibaba are up 4.68% in early trading Thursday after the earnings beat.

Alibaba gained 86% of its total revenue from online retail, but saw a huge jump in its cloud business. Revenue from the cloud grew 96% in the quarter to 2.4 billion Chinese yuan.

Last week, hedge fund manager David Tepper disclosed a large holding in Alibaba, equating to about $520.5 million.

Alibaba is up more than 81% this year.

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