Alibaba Group Holding Ltd shares are up 2.5% in premarket trading Friday after the company reported fiscal fourth-quarter revenue and earnings that beat expectations. Net income of $1.2 billion came in ahead of the FactSet consensus estimate for $1.1 billion. Net income fell 33% due to a one-time gain in the same quarter a year earlier. Excluding this number, net income would have increased 37%, Alibaba said. On a per-share basis, the company reported GAAP earnings of 46 cents, whereas the FactSet consensus called for 44 cents. Adjusted EPS of 91 cents increased from 63 cents a year earlier and came in ahead of expectations for 85 cents. Revenue rose 61% from a year earlier, to $9.9 billion. Analysts had been expecting $9.3 billion. Cloud revenue rose 103% to $699 million and core commerce revenue rose 62% to $8.2 billion. Alibaba said it had 552 million active annual consumers, up 37 million from the 12-month period that ended in December. The company only reports figures for gross merchandise volume on an annual basis and said that for the fiscal year that ended in March, GMV rose 28% to $768 billion. The company expects full-year revenue growth for the 2019 fiscal year to be above 60%, or above 50% excluding businesses that are being acquired. “We will continue to invest our operating free cash flow to generate long-term sustainable profit growth,” the company said in its release. Alibaba shares are up 57% over the past 12 months, while the S&P 500 has gained 10%.