Alibaba just reported its first quarterly earnings since going public, and shares of the company are rallying to new highs.

The $250 billion Chinese e-commerce giant reported earnings per share of $0.45 on revenue of $2.74 billion. 

Expectations were for the company to report earnings per share of $0.45 on revenue of $2.61 billion, according to data from Yahoo Finance.

In premarket trade Tuesday following the results, Alibaba shares were up as much as 4% to a new high of more than $106 per share. 

On a year-over-year basis, Alibaba reported non-GAAP net income that rose 15.5% to $1.11 billion. 

Alibaba said the gross merchandise value transacted on its China retail marketplaces in the quarter was $90.5 billion, up about 49% from the previous year.

This was composed of $61.9 billion on its Taobao marketplace, up 38% from last year, and $28.6 billion on Tmall, a nearly 78% increase. The company said this growth was primarily driven by an increase in number of active buyers.

Alibaba is set to host a conference call to discuss its results at 7:30 a.m. ET. 

In a release Jonathan Lu, chief executive officer of Alibaba Group, said: "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."

You can read the full release from Alibaba here. 

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