Updated from 9:48 a.m. to include thoughts from BMO Capital Markets analyst in the eleventh paragraph.
NEW YORK (TheStreet) –– Alibaba (BABA) shares rose after the Chinese Internet conglomerate posted revenue that was better than expected in its first ever quarterly earnings report since becoming a public company.
Beijing-based Alibaba reported earnings of 45 cents a shares on $2.74 billion in revenue, up 54% year over year led by a surge in mobile sales. The company, which is approximately 15% owned by Yahoo! (YHOO) , said gross merchandise volume (GMV), a closely watched metric, rose 49% year over year while annual active buyers jumped 52%.
Watch the video below for a closer look at Alibaba's quarterly results:
Analysts surveyed by Thomson Reuters were expecting earnings of 45 cents a share on revenue of $2.61 billion.
"We delivered a strong quarter with significant growth across our key operating metrics," said CEO Jonathan Lu in the press release. "Our business continues to perform well, and our results reflect both the strength of our ecosystem and the strong foundation we have for sustainable growth. On our China retail marketplaces, gross merchandise volume for the quarter increased 49% and annual active buyers increased 52% year on year. We extended our unrivaled leadership in mobile with 217 million monthly active users on our mobile commerce apps in September and US$95 billion in mobile GMV for the twelve months ended September 2014. We are also encouraged by continued improvement of mobile monetization which demonstrates the strong commercial intent of our users."