Chinese e-commerce giant Alibaba reported flat revenue growth on Thursday for the first time ever, as the country grappled with an economic slowdown and Covid-19 resurgences kept consumers jittery. Revenue came in at 205.6 billion yuan (30.7 billion dollars) in the April-June quarter, beating analyst expectations despite being slightly below the...
Aug 4, 2022
Alibaba shares sank on Friday after a report said the tech giant's executives had been called in for meetings with Chinese officials over the theft of a vast police database. A hacker last month put on sale what they claimed was the personal information of hundreds of millions of Chinese citizens -- which, if true, would make it one of the...
Jul 15, 2022
Chinese online marketplace Alibaba has led a 60 million dollar funding round for augmented reality (AR) company, Nreal. The latest series C+ fundraising for the China-based company has brought its total investments to 200 million dollars in 12 months. The new funding will go towards R&D, accelerating the company’s growth to new markets and...
Apr 1, 2022
Chinese e-commerce giant Alibaba on Thursday said profit in the October-December period fell 74 percent, the company's third straight quarterly drop as it faces myriad challenges including a government crackdown, slowing sales growth and intensifying domestic competition. Hangzhou-based Alibaba Group cited a "complex and volatile market...
Feb 24, 2022
China-based e-commerce company Alibaba Group has announced that Toby Xu has been appointed as the company’s new chief financial officer (CFO), succeeding Maggie Wu effective April 2022. Wu will continue as a partner in the Alibaba Partnership and will serve as an executive director on the Alibaba board. She steps down following fifteen years...
Dec 6, 2021
Hong Kong tumbled Friday on an otherwise positive day for Asian markets, with Chinese ecommerce titan Alibaba tanking more than 10 percent after warning of a weaker outlook. Alibaba said Thursday that net profit tumbled 81 percent in the second quarter and revenue grew less than forecast as it was hit by the impact of slowing economic growth and...
Nov 19, 2021
Shanghai - Chinese e-commerce leader Alibaba Group said on Thursday that its profit for the most recent quarter tumbled 81 percent as it grappled with a government crackdown on the country's big tech champions. Alibaba said profit came in at 5.37 billion yuan (833 million dollar) for the July-September period, falling from 28.77 billion yuan...
Nov 18, 2021
Chinese ecommerce titan Alibaba enjoyed record sales during its Singles Day shopping extravaganza, giving a much-needed boost to the firm after a torrid year in which it became the symbol of a government crackdown that hammered the country's tech sector. The firm said 540.3 billion yuan (84.5 billion dollars) was spent as China's army of...
Nov 12, 2021
On the eve that China and the U.S. signed a deal to curb greenhouse gas emissions, the Double 11 gala, better known as Singles Day, the Alibaba annual online shopping bonanza, kicked off in China. This is the first retail event since China began clamping down on surging corporate profit and tech giants, but the contrast between the highly...
Nov 11, 2021
Chinese e-commerce giant Alibaba has launched allyLikes, a new fast fashion platform aimed at American and European markets. It is also in direct competition with Shein, China’s fast fashion brand that has taken the West by storm. Both business models are strikingly similar, with Shein’s portal targeting customers outside of china offering new...
Oct 22, 2021
Alibaba shares surged more than six percent on Wednesday after billionaire founder Jack Ma was reported to be in Europe, fuelling investor hopes that the worst of China's regulatory crackdown for the internet giant might be over. Ma has kept a low profile ever since mainland officials spiked what would have been a world record 37 billion dollars...
Oct 20, 2021
Chinese regulators have ordered sweeping changes to the country's biggest payment app Alipay, as the ruling Communist Party attempts to rein in "the unruly growth" of the tech giants. Alipay -- with more than one billion users in China and other Asian nations including India -- was told to spinoff its profitable micro loan business, the...
Sept 13, 2021
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