over 3 years ago • 2 mins
All work and no play makes Jack a rich boy: Chinese conglomerate Alibaba reported better-than-expected quarterly earnings on Thursday 💰
Alibaba’s revenue from its main ecommerce business came in 29% higher than the same time last year. That’s down from last quarter’s 34%, sure, but it was still in line with analysts’ expectations. Alibaba’s cloud computing business did well too, growing its revenue by 60% for the second quarter in a row – good news considering the company’s aiming to make the segment its biggest money-spinner in future ☁️ Still, it’ll take more than a few good results to distract Alibaba’s investors from what could’ve been: fintech giant Ant Group was supposed to start trading on Thursday, and Alibaba’s stake in the company was all set to become a whole lot more valuable.
Good thing Singles’ Day – the world’s biggest one-day shopping event – is just around the corner. The event’s a crucial one for Alibaba’s current quarter, with sales across its multiple shopping platforms hitting nearly $40 billion last year 🛍 The tech giant, then, might be stocking up on foreign brands to help it reach those dizzying heights: it’s expecting to see a major boost for the products would-be Chinese tourists usually buy overseas, but now – well, you know…
It was China’s regulators that were behind Ant Group’s postponed initial public offering.), and the Alibaba spin-off is in good company. US regulators – having concluded last month that Big Tech is just too big – recently filed a lawsuit against Google, while the European Commission is expected to announce new digital regulations in early December 💻 It’s hoping they’ll make tech giants more responsible for the content posted on their platforms, as well as keep them from standing in the way of fair competition.
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