China’s Alibaba profit tumbles 86% though revenue beats estimates
CNN
China’s Alibaba Group Holding reported an 86% plunge in fourth-quarter profit on Tuesday primarily due to valuation changes from equity investments, pushing its US-listed shares down almost 6% in early trading even though revenue beat forecasts.
China’s Alibaba Group Holding reported an 86% plunge in fourth-quarter profit on Tuesday primarily due to valuation changes from equity investments, pushing its US-listed shares down almost 6% in early trading even though revenue beat forecasts. It also announced it would revive a plan first floated in 2022 to upgrade its secondary listing in Hong Kong to a primary listing, while retaining its primary listing in New York. It aims to complete this dual-primary listing by August. China’s largest e-commerce group by market share has had a tumultuous year since announcing the biggest shake-up in its 25-year history in March 2023, splitting into six units and refocusing on its core businesses, including domestic e-commerce. Consumers in China have also been spending carefully after the Covid-19 pandemic amid an economic slowdown and prolonged property slump. Alibaba’s focus on low-cost goods in response to the cautious consumer spending helped boost domestic e-commerce sales, driving 7% growth in overall revenue in the quarter to March 31. Group net income, however was 3.27 billion yuan ($452 million), compared with 23.52 billion yuan a year ago.
Thanksgiving dinner will cost less this year than last but will still be 19% higher than before the pandemic, according to the American Farm Bureau Federation’s annual Thanksgiving survey out Wednesday.
Comcast is planning to spin off most of its cable television networks, including MSNBC and CNBC, into a separate publicly traded company, according to executives with knowledge of the plan.
Conspiracy theorist Alex Jones has sued a court-appointed bankruptcy trustee and the families of some of the Sandy Hook victims in an attempt to stop the sale of his media empire Infowars to the satirical news outlet The Onion.
The cat’s out of the bag: Jaguar has unveiled a new logo that emphasizes its posh pronunciation as it transitions into a “new era” that emphasizes its all-electric vehicle lineup.
Markets sold off Tuesday as geopolitical tensions escalated between Ukraine and Russia.
Protesters opposed to Tesla’s expansion of its plant near Berlin were holding out in trees Tuesday as German police sought to clear their forested camp.
Jersey Mike’s Subs is selling a significant stake to private equity giant Blackstone, ending its nearly seven-decade run as an independently owned business that transformed into a major competitor against well-entrenched competitors like Subway.
Walmart’s business is surging. Customers making more than $100,000 a year are fueling the growth.
The president-elect’s plan to deport millions of undocumented immigrations may backfire, driving up the cost of homebuying even further.
In the first quarter of this year, the price of bitcoin broke records in the wake of approval by the Securities and Exchange Commission for the first exchange-traded spot bitcoin funds. The cryptocurrency topped $70,000 in March, according to coinmarketcap.com.
Donald Trump is returning to the White House without many of the guardrails of his first term.