There's Plenty to Cheer in Alibaba's Blowout Quarterly Earnings

Alibaba's (BABA) - Get Report better-than-expected quarterly results show China's economy may not be as bad as the headlines suggest. Revenue soared 59 percent year-over-year to $4.84 billion, beating estimates of $4.52 billion. Earnings of $0.74 a share beat estimates of $0.62 a share. Its cloud computing division saw 577,000 paying customers, up from roughly 500,000 in its previous quarter. 'There is this concern that slowing growth in China may have negative implications for the future of the e-commerce business,' said Craig Erlam, a senior market analyst with Oanda, based in London. TheStreet's Scott Gamm reports from Wall Street.