Revenue for the quarter ended June 30 was 234.16 billion Chinese yuan ($32.29 billion); a 14% year-on-year rise that beat Wall Street earnings estimates of 224.92 billion Chinese yuan.

The eCommerce giant’s main business, Taobao and Tmall Group, saw a 12% annual rise in sales 114.95 billion yuan. This was largely driven by the use of the company’s Taobao app, with usage rising by 6.5% from the previous year.

International markets have also played a major role in Alibaba’s revenue growth, particularly as the Chinese economy continues to stagnate in its post-pandemic rebound. Alibaba’s Cainiao logistics business, driven by international business, saw its revenue rise by 34% to 23.16 billion yuan during the three months ending June 30.

The post Alibaba Stock Rises Following Earnings Report appeared first on theprimarymarket.com.

The Chinese eCommerce giant reported revenue of 208.20 billion yuan ($30.12 billion) for the first three months of 2023, narrowly falling short of a Refinitiv consensus estimate of 210.3 billion yuan drawn from 26 analysts. Still, the company’s first-quarter revenue is a 2% rise from the previous quarter.

Net income from the period that was attributable to ordinary shareholders was 23.52 billion yuan; compared with a loss of 16.24 billion yuan.

China’s consumer spending continues to remain low following the abolishment of the country’s zero-COVID policies late last year, with the country exhibiting a slower economic recovery than was initially expected.

In an effort to capture new market share, Alibaba approved a full spinoff of the Cloud Intelligence Group, which is expected to be completed within the next 12 months. It is set to take the form of a stock dividend distribution to shareholders.

In addition, Finance Chief Toby Xu announced that the company’s board has approved the process for external financing for Alibaba International Digital Commerce Business Group as well as the launch of an IPO for Freshippo and the exploration of an IPO for Cainiao Smart Logistics Group.

The post Alibaba Misses Quarterly Estimate, Approves New Cloud-Computing Unit appeared first on theprimarymarket.com.

Alibaba is one of the most profitable retail companies in the entire world. Not unlike online retail shopping tycoons such as Amazon, Alibaba has been a major player in the industry for as long as avid online shoppers can remember.

However, as successful as they’ve been, there were a few setbacks that threw Alibaba executives off guard. In June of this year, the company’s revenue slid for the first time ever—a shocking and impressive statistic. But as impressive as it was, it gave higher-ups within the company reason to worry.

Analysts wondered whether or not this slip was indicative of something larger, and whether things were about to get a whole lot worse. But if the recent report is any indication, it looks like they’ll be just fine for the time being.

In any case, fiscal experts of the company will surely be on heavy watch for the foreseeable future.

The post Recent Alibaba Sales Better Than Anticipated appeared first on theprimarymarket.com.

Revenue for the quarter ended June 30 was 234.16 billion Chinese yuan ($32.29 billion); a 14% year-on-year rise that beat Wall Street earnings estimates of 224.92 billion Chinese yuan.

The eCommerce giant’s main business, Taobao and Tmall Group, saw a 12% annual rise in sales 114.95 billion yuan. This was largely driven by the use of the company’s Taobao app, with usage rising by 6.5% from the previous year.

International markets have also played a major role in Alibaba’s revenue growth, particularly as the Chinese economy continues to stagnate in its post-pandemic rebound. Alibaba’s Cainiao logistics business, driven by international business, saw its revenue rise by 34% to 23.16 billion yuan during the three months ending June 30.

The post Alibaba Stock Rises Following Earnings Report appeared first on theprimarymarket.com.

The Chinese eCommerce giant reported revenue of 208.20 billion yuan ($30.12 billion) for the first three months of 2023, narrowly falling short of a Refinitiv consensus estimate of 210.3 billion yuan drawn from 26 analysts. Still, the company’s first-quarter revenue is a 2% rise from the previous quarter.

Net income from the period that was attributable to ordinary shareholders was 23.52 billion yuan; compared with a loss of 16.24 billion yuan.

China’s consumer spending continues to remain low following the abolishment of the country’s zero-COVID policies late last year, with the country exhibiting a slower economic recovery than was initially expected.

In an effort to capture new market share, Alibaba approved a full spinoff of the Cloud Intelligence Group, which is expected to be completed within the next 12 months. It is set to take the form of a stock dividend distribution to shareholders.

In addition, Finance Chief Toby Xu announced that the company’s board has approved the process for external financing for Alibaba International Digital Commerce Business Group as well as the launch of an IPO for Freshippo and the exploration of an IPO for Cainiao Smart Logistics Group.

The post Alibaba Misses Quarterly Estimate, Approves New Cloud-Computing Unit appeared first on theprimarymarket.com.

Alibaba is one of the most profitable retail companies in the entire world. Not unlike online retail shopping tycoons such as Amazon, Alibaba has been a major player in the industry for as long as avid online shoppers can remember.

However, as successful as they’ve been, there were a few setbacks that threw Alibaba executives off guard. In June of this year, the company’s revenue slid for the first time ever—a shocking and impressive statistic. But as impressive as it was, it gave higher-ups within the company reason to worry.

Analysts wondered whether or not this slip was indicative of something larger, and whether things were about to get a whole lot worse. But if the recent report is any indication, it looks like they’ll be just fine for the time being.

In any case, fiscal experts of the company will surely be on heavy watch for the foreseeable future.

The post Recent Alibaba Sales Better Than Anticipated appeared first on theprimarymarket.com.