• Latest
  • Trending
Alibaba Company Results

Alibaba beats sales forecasts on China e-commerce growth

November 12, 2020
Food Shortage Olubadan

Food Shortage: Olubadan Calls On FG, Govs To Adopt Irrigation Farming

January 2, 2021
E Commerce Indonesia

E-commerce platforms tap into Indonesia’s thriving sharia economy

December 29, 2020
Nigeria Economy Money

Nigeria will need to borrow more and that threatens fiscal flexibility

December 28, 2020
Binance Bitcoin

Binance launches bilateral Bitcoin European options

December 28, 2020
LiteForex Logo

Merry Christmas! 25/12/2020

December 25, 2020
Woman in Africa

Africa CDC: New virus variant appears to emerge in Nigeria

December 24, 2020
Bitcoin Africa Crypto

Bitcoin Events’ Blockchain Africa Conference Returns to Johannesburg in March

December 23, 2020
  • About
  • Privacy & Policy
  • Contact
No Result
View All Result
Brokers Index
Wednesday, March 3, 2021
Brokers Index
No Result
View All Result
Home Focus Success Stories

Alibaba beats sales forecasts on China e-commerce growth

Net income fell 63% to 26.52 billion yuan, as Alibaba had booked a one-off gain last year from its 33% stake in Ant Group.

November 12, 2020
in Focus, Success Stories
Reading Time: 2min read
0
Alibaba Company Results

(Reuters) – Alibaba Group beat third quarterly revenue estimates on Thursday, driven by e-commerce growth after China emerged from coronavirus lockdowns, and said it was assessing the suspension of its affiliate Ant Group’s listing.

China’s surprise suspension of Ant Group’s planned $37 billion Shanghai initial public offering (IPO) was seen by some analysts and investors as an attempt by Beijing to cut founder Jack Ma and his financial services empire down to size.

Alibaba (HK:6688) Chief Executive Daniel Zhang said during an earnings call that added that Alibaba is “actively evaluating” the impact of the Ant Group IPO’s suspension on its business and will “take appropriate measures accordingly”.

ADVERTISEMENT

Ant Group said separately it would decide whether to restart its IPO after fully reviewing and evaluating relevant measures.

Alibaba’s results also coincided with markets awaiting the outcome of the U.S. presidential election results, with Democrat Joe Biden edging closer to victory.

Under Donald Trump, the world’s top two economies have clashed over trade, forcing some Chinese companies to put off U.S. IPOs and list on exchanges close to home.

Revenue at Alibaba’s cloud computing business, a focus area for the company, jumped 60% to 14.9 billion yuan, while sales from its core e-commerce business rose 29% to 130.92 billion yuan in the reported quarter.

Net income fell 63% to 26.52 billion yuan, as Alibaba had booked a one-off gain last year from its 33% stake in Ant Group.

Revenue rose 30% to 155.06 billion yuan in the quarter ended Sept. 30, compared to estimates of 154.74 yuan, according to IBES data from Refinitiv.

Alibaba’s U.S.-listed shares (N:BABA) , which have gained about 39% this year, fell nearly 4% in trading before the bell.

Tags: AlibabaBillionChinaFocusGrowthSaleSuccess Stories
Share1Tweet1ShareSendShare
ADVERTISEMENT

Insights

Bitcoin Africa Crypto

Bitcoin Events’ Blockchain Africa Conference Returns to Johannesburg in March

December 23, 2020
India Economy

The Indian economy is bouncing back | Opinion

December 8, 2020
Professional Trader

16 Technical Analysis Secrets for Boosting Your Trading Skills

November 29, 2020
Trader Lifestyle Tips

A Day in the Life of a Professional Forex Trader

November 27, 2020
Trading Account Protection

5 Tips to Protect Your Brokerage Login Credentials from Hackers

November 15, 2020
Brokers Index

Copyright © 2020 brokersindex.com

Navigate Site

  • About
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Brokers News
  • Market Watch
    • Commodities
    • Cryptocurrency
    • Economy
    • Forex
    • Politics
    • Science
    • Stock Markets
    • Technology
    • World
  • Insights
    • Investing Adviser
    • Lifestyle
    • Trading Tips
  • Focus
    • Case Study
    • Editors Picks
    • Famous Failures
    • Success Stories

Copyright © 2020 brokersindex.com

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.