Proactive Investors - Alibaba Group (NYSE:BABA)’s US-listed shares gained ground on Wednesday morning ahead of the Chinese e-commerce giant’s latest quarterly results release.
Shares ticked up 1.1% in pre-market trading and headed toward a three-month high, following gains made throughout the day on Tuesday.
The firm will report on the three months to December prior to Wednesday’s opening bell, with analysts expecting third-quarter sales to sit at 260.26 billion yuan (US$36.25 billion), as per FactSet data.
Earnings per share are tipped to come in at 19.12 yuan meanwhile, though analysts have cut estimates in recent weeks on signs Chinese economic struggles have continued into the new year.
Revenue in line with expectations would mark a 5% jump on the 247.76 billion yuan recorded in late 2022, while anticipated per-share earnings would mark a 6.75% uptick.
Alibaba had received a boost earlier this week on news that China's Central Huijin Investment sovereign fund would expand purchases of stock index funds in a bid to prop up the domestic stock market.