Alibaba tops sales forecasts, shares soar 5% (BABA)

Alibaba on Thursday reported quarterly sales that trumped forecasts but profits that fell short of analysts' expectations.
The Chinese e-commerce giant's online platforms sold goods worth more than 3 trillion yuan in March for the first time, amid a struggling Chinese economy.
Alibaba's performance in its fiscal fourth quarter was also boosted by a 175% year-on-year growth in its cloud computing and internet infrastructure business.
Alibaba's revenues rose 39% to 24.2 billion yuan ($3.7 billion)