Alibaba surpasses Q3 revenue forecast amid pandemic-driven jump in e-commerce
Alibaba CEO Daniel Zhang said changing regulations for internet and fintech firms in China presented a near-term challenge
Reuters | February 3, 2021 | Updated 10:59 IST
China s Alibaba Group Holding Ltd beat estimates for third-quarter revenue on a pandemic-driven jump in e-commerce, but its shares dropped amid regulatory heat for founder Jack Ma s business empire. It also announced a bond sale worth as much as $5 billion though sources have said plans for the fundraising were in the works before the regulatory clampdown.
Ma s current woes stem from an Oct. 24 speech in which he blasted China s regulatory system, leading to the suspension of his Ant Group s $37 billion IPO just days before the fintech giant s listing. Regulators have since launched an anti-trust probe into the tech sector, while tighter regulations for Ant are also being considered.
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Alibaba Group Holding Ltd. will kick off a dollar bond sale to raise as much as $5 billion this week, picking up a plan that went quiet last month when its founder had been out of sight for months.
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The end of January is reserved for learning how tech and e-commerce companies did during the holiday season. More precisely, all FAAMG stock, namely
Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL),
Apple Inc (NASDAQ: AAPL),
Facebook, Inc. (NASDAQ: FB),
Amazon.com, Inc. (NASDAQ: AMZN), and
Microsoft Corporation (NASDAQ: MSFT), have now shown just how much they crushed the holiday season.
Amazon s Blockbuster Quarter
Amazon has beaten the revenue expectations for the past consequent seven quarters, pushed by COVID-19 driven e-commerce and cloud business. The previous two quarters had the most impressive realization in revenues compared to the expectations and this time around, Amazon delivered its largest quarter by revenue of all time, generating $125.56 billion in sales. Since the amount of US online purchases grew 32% to $188 billion during this record-breaking holiday season, no wonder Amazon had its first $100 billion quarter, with revenue increasing 44% from last