Alibaba (BABA) tops Q1 earnings estimates, approves Cloud Intelligence Group spin-off
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Alibaba (BABA) Approves Cloud Intelligence Group Spin-Off
May 18, 2023 7:09 AM EDTAlibaba (NYSE: BABA) announced:
Our board of directors approved a full spin-off of the Cloud Intelligence Group via a stock dividend distribution to our shareholders. Prior to the spin-off, we plan to include external strategic investors in Cloud Intelligence Group through private financings. In... More
Alibaba misses revenue estimate, approves cloud unit spinoff
May 18, 2023 7:08 AM EDT(Reuters) - China's Alibaba Group Holding Ltd posted a 2% rise in quarterly revenue that missed expectations on Thursday and said it would list its cloud computing business in the next year.Â
The company has been struggling to attract new users as China's e-commerce sector matures and it grapples with inroads made by new competitors such as PDD Holdings and Douyin, the Chinese version of TikTok that is also owned by ByteDance.
U.S.-listed shares of the Chinese tech giant fell 4.9% to $86.20 in early trading.
Earlier this year, Alibaba announced plans to restructure into six units... More
Alibaba (BABA) Tops Q1 EPS by RMB1.25
May 18, 2023 7:07 AM EDTAlibaba (NYSE: BABA) reported Q1 EPS of RMB10.71, RMB1.25 better than the analyst estimate of RMB9.46. Revenue for the quarter came in at RMB208.2 billion versus the consensus estimate of RMB209.02 billion.
For earnings history and earnings-related data on Alibaba (BABA) click here.
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