The online grocery delivery platform’s decision to go public comes as it seeks new sources of capital amid a slowdown in the growth of its core business. While grocery orders rose 18% to almost 263 million in 2022, they have remained virtually flat during the first half of 2023, the company revealed in its filing with the US Securities and Exchange Commission.

While order growth has stagnated over the past year, revenue rose by 31% to about $1.5 billion in six months ended June 30. This rise was largely spurred by its advertising segment. Net income from advertising was $242 million for the first six months of 2023, compared to a loss during the same period last year.

The post Instacart Files IPO Plan Amid Slowed Sales Growth 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.

SoftBank has long been looking to monetize its stake in Alibaba, having bought its stake in the company two decades ago for $20 million. “They (SoftBank) have been clear that … they need to monetise profitable holdings,” Jon Withaar, head of Asia special situations at Pictet Asset Management noted.

Valuations of Chinese big tech firms have been recovering this year after a two-year slump which included heightened regulatory scrutiny. This has provided a window for investors such as SoftBank to sell their shares, thereby pulling out of an economy rocked by strict pandemic policies and Sino-U.S. tension.

The Japanese firm’s decision follows a recent trend that saw Tencent Holdings Ltd’s stock fall by 5.2% when its top shareholder, Netherlands’ Prosus NV, decided to sell more of its shares in the social media giant.

The post Softbank to Sell All of its Alibaba Shares appeared first on theprimarymarket.com.

“I am not here to be a bomb thrower and to trash FedEx Ground and the CEO,” Patton assured reporters at the contractor conference that he held in Las Vegas over the weekend, explaining that he is simply looking to work together with FedEx Ground in order to find a feasible solution.

Currently, Patton is working to form a trade group representing delivery partners from both FedEx and Amazon.com Inc in an attempt to promote delivery contractors’ interests. Should he be successful in gaining enough traction, FedEx could potentially see its profits squeezed ahead of the peak holiday shopping season.

Although FedEx sent Patton a “cease and desist” letter earlier in the summer, FedEx Ground leader John Smith assured contractors that the company will work to protect their interests. “As the pendulum swings back” from pandemic growth, FedEx Ground remains committed to working with each of you to find solutions,” Smith stated in an internal message.

The post FedEx Faces Delivery Contractor Pay Dispute as Pandemic Boom Fades appeared first on theprimarymarket.com.

The online grocery delivery platform’s decision to go public comes as it seeks new sources of capital amid a slowdown in the growth of its core business. While grocery orders rose 18% to almost 263 million in 2022, they have remained virtually flat during the first half of 2023, the company revealed in its filing with the US Securities and Exchange Commission.

While order growth has stagnated over the past year, revenue rose by 31% to about $1.5 billion in six months ended June 30. This rise was largely spurred by its advertising segment. Net income from advertising was $242 million for the first six months of 2023, compared to a loss during the same period last year.

The post Instacart Files IPO Plan Amid Slowed Sales Growth 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.

SoftBank has long been looking to monetize its stake in Alibaba, having bought its stake in the company two decades ago for $20 million. “They (SoftBank) have been clear that … they need to monetise profitable holdings,” Jon Withaar, head of Asia special situations at Pictet Asset Management noted.

Valuations of Chinese big tech firms have been recovering this year after a two-year slump which included heightened regulatory scrutiny. This has provided a window for investors such as SoftBank to sell their shares, thereby pulling out of an economy rocked by strict pandemic policies and Sino-U.S. tension.

The Japanese firm’s decision follows a recent trend that saw Tencent Holdings Ltd’s stock fall by 5.2% when its top shareholder, Netherlands’ Prosus NV, decided to sell more of its shares in the social media giant.

The post Softbank to Sell All of its Alibaba Shares appeared first on theprimarymarket.com.

“I am not here to be a bomb thrower and to trash FedEx Ground and the CEO,” Patton assured reporters at the contractor conference that he held in Las Vegas over the weekend, explaining that he is simply looking to work together with FedEx Ground in order to find a feasible solution.

Currently, Patton is working to form a trade group representing delivery partners from both FedEx and Amazon.com Inc in an attempt to promote delivery contractors’ interests. Should he be successful in gaining enough traction, FedEx could potentially see its profits squeezed ahead of the peak holiday shopping season.

Although FedEx sent Patton a “cease and desist” letter earlier in the summer, FedEx Ground leader John Smith assured contractors that the company will work to protect their interests. “As the pendulum swings back” from pandemic growth, FedEx Ground remains committed to working with each of you to find solutions,” Smith stated in an internal message.

The post FedEx Faces Delivery Contractor Pay Dispute as Pandemic Boom Fades appeared first on theprimarymarket.com.