{"id":126239,"date":"2024-11-15T20:02:21","date_gmt":"2024-11-15T13:02:21","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=126239"},"modified":"2024-11-15T20:02:21","modified_gmt":"2024-11-15T13:02:21","slug":"baba-posts-58-profit-jump-but-sales-miss","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=126239","title":{"rendered":"BABA posts 58% profit jump but sales miss"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107222914\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Alibaba Offices In Beijing<\/p>\n<p>Bloomberg | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Chinese e-commerce behemoth <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/BABA\/\">Alibaba<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> on Friday beat profit expectations in its September quarter, but sales fell short as sluggishness in the world&#8217;s second-largest economy hit consumer spending.<\/p>\n<p>Alibaba said net income rose 58% year-on-year to 43.9 billion Chinese yuan ($6.07 billion) in the company&#8217;s quarter ending Sept. 30, on the back of the performance of its equity investments. This compares to an LSEG forecast of 25.83 billion yuan.<\/p>\n<p>&#8220;The year-over-year increases were primarily attributable to the mark-to-market changes from our equity investments, decrease in impairment of our investments and increase in income from operations,&#8221; the company said of the annual profit jump in its earnings statement.<\/p>\n<p>Revenue, meanwhile, came in at 236.5 billion yuan, 5% higher year-on-year but below an analyst forecast of 238.9 billion yuan, according to LSEG data.<\/p>\n<p>The company&#8217;s New York-listed shares have gained ground this year to date, up almost 17%. The stock was 3% higher in premarket trading at 12:24 p.m. London time, after the release of the quarterly earnings.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\"><a id=\"headline0\"\/>Sales sentiment<\/h2>\n<div class=\"group\">\n<p>Investors are closely watching the performance of Alibaba&#8217;s main business units, Taobao and Tmall Group, which reported a 1% annual uptick in revenue to 98.99 billion yuan in the September quarter.<\/p>\n<p>The results come at a tricky time for Chinese commerce businesses, given a tepid retail environment in the country. Chinese e-commerce group JD.com also missed revenue expectations on Thursday, according to Reuters.<\/p>\n<p>Markets are now watching whether a slew of recent stimulus measures from Beijing, including a five-year\u00a0<a href=\"http:\/\/6.112.219.1\/\" target=\"_blank\" rel=\"noopener\">1.4-trillion-yuan package announced last week,\u00a0<\/a>will help resuscitate the country&#8217;s growth and curtail a long-lived real estate market slump.<\/p>\n<p>The impact on the retail space looks promising so far, with sales rising by a\u00a0<a href=\"http:\/\/6.112.234.226\/\" target=\"_blank\" rel=\"noopener\">better-than-expected 4.8%<\/a>\u00a0year-on-year in October, while China&#8217;s recent Singles&#8217; Day shopping holiday \u2014 widely seen as a barometer for national consumer sentiment \u2014\u00a0<a href=\"http:\/\/6.112.226.84\/\" target=\"_blank\" rel=\"noopener\">regained some of its luster<\/a>.<\/p>\n<p>Alibaba touted &#8220;<a href=\"https:\/\/www.alibabagroup.com\/en-US\/document-1792798062653997056\" target=\"_blank\" rel=\"noopener\">robust growth<\/a>&#8221; in gross merchandise volume \u2014 an industry measure of sales over time that does not equate to the company&#8217;s revenue \u2014 for its Taobao and Tmall Group businesses during the festival, along with a &#8220;record number of active buyers.&#8221;<\/p>\n<p>&#8220;Alibaba&#8217;s outlook remains closely aligned with the trajectory of the Chinese economy and evolving regulatory policies,&#8221;\u00a0<a href=\"https:\/\/www.ig.com\/ae\/news-and-trade-ideas\/Alibaba-Q2-earnings-preview-241114\" target=\"_blank\" rel=\"noopener\">ING analysts said Thursday<\/a>, noting that the company&#8217;s Friday report will shed light on the Chinese economy&#8217;s growth momentum.<\/p>\n<p>The e-commerce giant&#8217;s overseas online shopping businesses, such as Lazada and Aliexpress, meanwhile posted a 29% year-on-year hike in sales to 31.67 billion yuan. \u00a0<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\"><a id=\"headline1\"\/>Cloud business accelerates<\/h2>\n<div class=\"group\">\n<p>Alibaba&#8217;s Cloud Intelligence Group reported year-on-year sales growth of 7% to 27.65 billion yuan in the September quarter, compared with a 6% annual hike in the three-month period ending in June. The slight acceleration comes amid ongoing efforts by the company to leverage its cloud infrastructure and reposition itself as a leader in the booming AI space.<\/p>\n<p>&#8220;Growth in our Cloud business accelerated from prior quarters, with revenues from public cloud products growing in double digits and AI-related product revenue delivering triple-digit growth. We are more confident in our core businesses than ever and will continue to invest in supporting long-term growth,&#8221; Alibaba CEO Eddie Wu said in a statement Friday.<\/p>\n<p>Stymied by Beijing&#8217;s sweeping 2022 crackdown on large internet and tech companies, Alibaba last year <a href=\"https:\/\/www.cnbc.com\/2023\/11\/24\/alibaba-baba-shakes-up-cloud-unit-management-after-scrapping-ipo.html\">overhauled the division&#8217;s leadership<\/a> and has been shaping it as a future growth driver, stepping up competition with rivals including <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-8\"><a href=\"https:\/\/www.cnbc.com\/quotes\/BIDU\/\">Baidu<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> and Huawei domestically, and <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-9\"><a href=\"https:\/\/www.cnbc.com\/quotes\/MSFT\/\">Microsoft<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> and OpenAI in the U.S.<\/p>\n<p>Alibaba, which <a href=\"https:\/\/www.cnbc.com\/2023\/04\/11\/alibaba-to-roll-out-its-rival-to-chatgpt-across-all-its-products.html\">rolled out<\/a> its own ChatGPT-style product Tongyi Qianwen last year, this week unveiled its own <a href=\"https:\/\/www.cnbc.com\/2024\/11\/12\/alibaba-launches-ai-search-for-small-biz-says-purchase-intent-jumps.html\">AI-powered search tool<\/a> for small businesses in Europe and the Americas, and clinched a <a href=\"https:\/\/www.alibabacloud.com\/blog\/alibaba-and-goto-group-announce-strategic-partnership-to-drive-innovation-in-indonesia%E2%80%99s-digital-economy_601618\" target=\"_blank\" rel=\"noopener\">key five-year partnership<\/a> to supply cloud services to Indonesian tech giant GoTo in September.<\/p>\n<p><a href=\"https:\/\/www.alizila.com\/aliviews-eddie-wu-speech-ai-alibaba-cloud-2024-apsara-conference\/\" target=\"_blank\" rel=\"noopener\">Speaking at the Apsara conference in September<\/a>, Alibaba&#8217;s Wu said the company&#8217;s cloud unit is investing &#8220;with unprecedented intensity, in the research and development of AI technology and the building of its global infrastructure,&#8221; noting that the future of AI is &#8220;only beginning.&#8221;<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/11\/15\/alibaba-baba-q2.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alibaba Offices In Beijing Bloomberg | Bloomberg | Getty Images Chinese e-commerce behemoth Alibaba on Friday beat profit expectations in its September quarter, but sales fell short as sluggishness in &hellip; 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