{"id":105536,"date":"2020-11-05T16:47:50","date_gmt":"2020-11-05T13:47:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/alibaba-posts-solid-revenue-ahead-of-shopping-festival\/"},"modified":"2020-11-05T16:47:50","modified_gmt":"2020-11-05T13:47:50","slug":"alibaba-posts-solid-revenue-ahead-of-shopping-festival","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/alibaba-posts-solid-revenue-ahead-of-shopping-festival\/","title":{"rendered":"#Alibaba posts solid revenue ahead of shopping festival"},"content":{"rendered":"

“#Alibaba posts solid revenue ahead of shopping festival<\/strong>”<\/p>\n

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\"Alibaba
\n Alibaba reported solid revenue growth for the July-September quarter, providing some much-needed good news<\/a> amid turmoil over its Ant Group affiliate’s abandoned IPO
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Chinese e-commerce leader Alibaba on Thursday reported solid 30 percent year-on-year revenue growth for the July-September quarter, providing some much-needed good news amid turmoil over its Ant Group affiliate’s abandoned IPO.<\/p>\n

Hangzhou-based Alibaba said revenue\u2014a key measure of the internet giant’s business health as well as overall Chinese consumer spending\u2014rose to 155 billion yuan ($23 billion).<\/p>\n

The announcement comes ahead of China’s November 11 “Single’s Day” shopping festival next week, which was popularised by Alibaba and is now the world’s biggest annual shopping event.<\/p>\n

Alibaba’s latest quarterly earnings provided further evidence of China’s recovery from the coronavirus, which emerged in the country late last year and hammered its economy earlier in 2020.<\/p>\n

Alibaba has said the pandemic may be helping e-commerce as consumers opt for the safety of online shopping.<\/p>\n

Alibaba’s profit for the quarter fell 60 percent, however, to 28.7 billion yuan compared to last year, when it booked a significant one-time gain upon receiving a 33-percent equity interest in its financial arm Ant Group.<\/p>\n

Global markets were stunned on Tuesday by the suspension of Ant group’s planned record-breaking $34 billion IPO.<\/p>\n

The suspension came amid rising acrimony between Alibaba’s billionaire co-founder Jack Ma, who is also Ant Group’s controlling shareholder, and Chinese regulators.<\/p>\n

Regulators have threatened Ant’s bottom line by suddenly tightening online lending requirements in the run-up to the planned issue of shares, which had been set to begin trading on Thursday.<\/p>\n

Beijing has imposed the new curbs on online financial services app<\/a>arently out of fear that the world-record IPO would give a huge boost to Ant Group’s business activities, analysts have said.<\/p>\n

Ant Group made its name with the online payments platform Alipay, but has expanded into offering loans, credit, and insurance, putting it at odds with traditional state-owned financial institutions and government regulators.<\/p>\n

News of the IPO cancellation hammered Alibaba shares listed in New York and Hong Kong earlier this week.\n <\/p>\n\n

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Alibaba revenue up 34 percent as coronavirus fuels online spending\n <\/p><\/div>\n

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\n \u00a9 2020 AFP<\/p>\n

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Citation<\/strong>:
\n Alibaba posts solid revenue ahead of shopping festival (2020, November 5)
\n retrieved 5 November 2020
\n from https:\/\/techxplore.com\/news\/2020-11-alibaba-solid-revenue-festival.html<\/p>\n

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