NEW YORK (TheStreet) -- Alibaba (BABA) shares are up 9.5% to $87.60 in early market trading on Thursday after the Chinese online retailer reported its fourth quarter earnings results before the opening bell today.
The company reported a 45% year over year increase in revenue during the period and while earnings fell 49% to $463 million, or 48 cents per share. That still topped analysts' 43 cent per share expectations for the period. Revenue of $2.81 billion also topped analysts' $2.72 billion forecast.
Alibaba reported a 40% increase in the amount of merchandise it sold in the period while annual active buyers increased 37% over the previous year to 350 million.
Separately, the company announced that current COO Daniel Zhang will take over as CEO of the company effective Sunday, replacing current CEO Jonathan Lu who will transition to vice chairman.
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