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.

This is the biggest restructuring in Alibaba’s history and follows China’s decision to encourage the growth of the country’s private sector. According to the company’s Chief Executive Daniel Zhang, the split will allow Alibaba to run more efficiently and adapt better to market changes.

“The original intention and fundamental purpose of this reform isto make our organisation more agile, shorten decision making links and respond faster,” Zhang said in a letter to staff, according to Reuters.

Each unit will have its own CEO as well as a board of directors. The intention is to keep them flexible in pursuing independent fundraising while laying out the foundation to explore an initial public offering (IPO). Only the Taobao Tmall Commerce Group, which will oversee online shopping platforms Taobao and Tmall, will remain fully owned by the company.

Shortly after the split was announced, the U.S.-listed Alibaba stock saw a moderate jump. The shares were 13.11 percent up at one point on Wednesday, trading at $97.41 per share. The stock is close to six percent up year-to-date.

The post Alibaba Announces Split in 6 Units, Its U.S. Listed Stocks Rise 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.

This is the biggest restructuring in Alibaba’s history and follows China’s decision to encourage the growth of the country’s private sector. According to the company’s Chief Executive Daniel Zhang, the split will allow Alibaba to run more efficiently and adapt better to market changes.

“The original intention and fundamental purpose of this reform isto make our organisation more agile, shorten decision making links and respond faster,” Zhang said in a letter to staff, according to Reuters.

Each unit will have its own CEO as well as a board of directors. The intention is to keep them flexible in pursuing independent fundraising while laying out the foundation to explore an initial public offering (IPO). Only the Taobao Tmall Commerce Group, which will oversee online shopping platforms Taobao and Tmall, will remain fully owned by the company.

Shortly after the split was announced, the U.S.-listed Alibaba stock saw a moderate jump. The shares were 13.11 percent up at one point on Wednesday, trading at $97.41 per share. The stock is close to six percent up year-to-date.

The post Alibaba Announces Split in 6 Units, Its U.S. Listed Stocks Rise appeared first on theprimarymarket.com.