Alibaba reports solid earnings beat, revenue rises most since Sept. 2021
Publishing timestamp: 2023-08-10 09:35:45
Summary
Alibaba reported a 14% year-on-year growth in revenue for the quarter ended June 30. The company's push into overseas markets resulted in a 60% increase in revenue from international commerce retail. Alibaba's main business, Taobao and Tmall Group, saw a 12% rise in revenue. The company's cloud business reported a 4% revenue growth. Despite a drop in revenue from top customers and reduced demand for remote work and education services due to the pandemic, Alibaba highlighted strong demand in its cloud business for AI services. The company plans to invest further in AI development and business opportunities. Alibaba's CEO and Chairman, Daniel Zhang, will be stepping down in September, but will remain head of the cloud computing business.
Sentiment: POSITIVE
Tickers: BABA,
Keywords: enterprise, china, earnings, breaking news: technology, internet, technology, alibaba group holding ltd, business news, cloud computing, retail industry, e-commerce,
Source: https://www.cnbc.com/2023/08/10/alibaba-baba-earnings-report-q1-2024.html