2023-11-16 14:22:03
Thursday, November 16, 2023 04:22 pm
You are now following the news of $31 billion in Chinese Alibaba’s revenues in 3 months… a 9% growth from the World News section, and now we leave you with the full details.
Shahad Muhammad – Abu Dhabi on Thursday, November 16, 2023 04:22 PM – The Chinese e-commerce giant, Alibaba, announced an increase in third-quarter revenues of 9 percent year-on-year, despite the broader economic slowdown of the Chinese economy.
The company’s sales for the quarter ending in September amounted to 224.8 billion yuan (regarding $31 billion), in line with Bloomberg analysts’ expectations and down from 234.1 billion yuan in the previous quarter.
China’s economic recovery was mixed, and while the industrial and retail sectors performed better than expected, the crisis-hit real estate sector affected consumer confidence.
The company also announced today that it was canceling its plans to separate its cloud business, citing uncertainties caused by US export restrictions on chips used in artificial intelligence applications.
Analysts had estimated in March that the cloud division might be worth between $41 billion and $60 billion, but warned that its listing might attract scrutiny from Chinese regulators due to the huge amount of data it manages.
The company also suspended plans for an initial public offering for its Freshippo grocery business, but said it would prepare to raise external funds for its international digital commerce group arm.
Alibaba’s US-listed shares fell 8.4 percent in pre-market trading.
We hope that we have succeeded in conveying the full details of the news of $31 billion in Chinese Alibaba’s revenues in 3 months… a growth of 9%… in God’s care and protection.
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