Alibaba news and archive

Alibaba's quarterly revenues surge by 9 percent

In the quarter ended September 30, 2023, Alibaba reported revenue of 224,790 million Chinese yuan (30,810 million dollars), an increase of 9 percent year-over-year. The company’s income from operations was 33,584 million Chinese yuan (4,603 million dollars), an increase of 34 percent, while adjusted EBITDA increased 18 percent to 42,845 million...

Business

Tanking Alibaba drags Hong Kong as markets rally fades

Hong Kong - Asian stocks fell Friday as a rally fuelled by the likely end of US interest rate hikes ran out of puff, while Alibaba dragged Hong Kong down after saying it would cancel the planned spinoff of its cloud computing arm. After an exciting few days on trading floors, the week headed for a tepid finish, with Wall Street drifting even as...

Business

Alibaba shares down more than 8% after cloud computing setback

New York - Shares in Chinese e-commerce giant Alibaba plummeted on Thursday after the company said it would cancel the spinoff of its cloud computing arm because of US curbs on exports of advanced chips. Alibaba shares were down eight percent in late morning trade on Wall Street. The company had planned to split the group into six distinct...

Retail

Alibaba said Singles Day sales grew, but it was no bonanza

China's Singles Day, the world's largest shopping festival, concluded with Alibaba reporting positive sales growth, although full results were not disclosed. Fortune estimated the shopping spree's value at 156 billion dollars, a critical contributor to China's fourth-quarter economy, but the event may have appeared to have lost its shine....

Business

Alibaba plans to list logistics arm in Hong Kong IPO

Chinese e-commerce giant Alibaba said Tuesday it intends to spin off its logistics arm Cainiao through an initial public offering in Hong Kong as the firm undergoes a massive restructuring. After years of turbulence in the Chinese tech sector, Alibaba announced in March it was dividing itself into six entities, with the goal of listing them...

Retail

Vagabond Shoemakers expands in Asia with Tmall

Swedish footwear brand Vagabond Shoemakers is expanding within the Asian market with a concept store on the Chinese e-commerce platform Tmall, part of the Alibaba Group. The concept store launches with the brand’s autumn/winter 2023 collection as the footwear brand looks to expand its reach within Asia, adding to its recent collaboration with a...

Business

Alibaba announces surprise departure of ex-CEO

Beijing - Chinese e-commerce giant Alibaba has announced the surprise departure of former CEO Daniel Zhang, who had been set Monday to take charge of a key subsidiary as the firm undergoes a major restructuring. Hangzhou-based Alibaba is one of China's most prominent technology firms, with business operations spanning cloud computing,...

Business

Alibaba announces unexpected 14 percent increase in quarterly revenue

Beijing - Chinese e-commerce giant Alibaba announced an unexpected 14 percent on-year increase in quarterly sales on Thursday, following several difficult years and in spite of a broader economic slowdown. Alibaba is a key player in China's expansive digital economy and the operator of a major online shopping platform. The Hangzhou-based group's...

Business

Alibaba expands into Europe with CommerceHub partnership

CommerceHub, one of the world’s largest commerce networks, is partnering with Miravia, part of the Alibaba group, to power the marketplaces’ European expansion. The partnership involves integrating CommerceHub's ecommerce platform with Miravia's operations, supporting Miravia's aim to establish itself as a premier everyday ecommerce ecosystem...

Business

Chinese tech giant Alibaba names new CEO, chairman

Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown. The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling business operations,...

Business

Alibaba and L’Oréal partner on promoting a circular economy in China’s beauty market

Marketplace giant Alibaba has signed a three-year partnership with cosmetics conglomerate L’Oréal which will centre around the promotion of a circular economy in China’s beauty industry. The signing ceremony took place alongside French president Emmanuel Macron’s three-day visit to the country, during which Alibaba’s chairman and CEO, Daniel...

Business

Alibaba to split into 6 groups, separate IPOs expected

Alibaba announced Tuesday that it would split into six business groups in one of the most significant overhauls of a leading Chinese tech firm to date. The Hangzhou-based firm is one of China's most prominent tech giants, with business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial...