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Alibaba Group Holding Ltd (NYSE: BABA) gained 5% on Wednesday after the company reported some impressive December-quarter earnings numbers on Tuesday.
Alibaba reported adjusted EPS of RMB22.03 ($3.41) on revenue of RMB221.06 billion ($34.22 billion). Both numbers exceeded analyst estimates of RMB20.71 ($3.21) and RMB214.29 billion ($33.17 billion), respectively. Revenue was up 36.9% from a year ago.
Alibaba also reported RMB16.11 billion ($2.49 billion) in cloud computing revenue, up 50% from a year ago. The cloud computing business also turned a profit in the quarter for the very first time.
Alibaba shares got a boost after Bloomberg reported Chinese regulators and Alibaba affiliate Ant Group have agreed to terms to a restructuring plan that could put Ant back on the path to an IPO at some point. Alibaba also announced a new $5 billion debt offering.
Operator
Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group s December quarter 2020 results conference call. [Operator instructions] I would now like to turn the call over to Rob Lin, head of investor relations of Alibaba Group.
Please go ahead.
Head of Investor Relations
Thank you. Good day, everyone, and welcome to Alibaba Group s December quarter 2020 results conference call. With us are Daniel Zhang, chairman and CEO; Joe Tsai, executive vice chairman; Maggie Wu, CFO. This call is also being webcast on our IR section of our corporate website.
A replay of the call will be available on our website later today. Now, let me quickly cover the safe harbor. Today s discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations.
BW Businessworld
Tencent Fires 100 Employees, Blacklists 37 Firms In Anti-Graft Campaign
Chinese tech companies have doubled down on corruption investigations in recent years, as their valuations and profiles have soared following a tech boom in the country.
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Tencent Holdings Ltd on Wednesday named 37 companies it had blacklisted from future contracts and said it has fired more than 100 staff over embezzlement and bribery incidents.
Tencent, China s biggest social media and video games company, said in a social media post that it had reported 40 employees to authorities since it started an anti-graft campaign in the fourth quarter of 2019.
In one case, an employee in its game publishing division sought benefits for outside parties and obtained kickbacks from them, Tencent said in the name and shame post.
Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.
The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas such as blockchain and food delivery, people familiar with the matter said. One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.
An official announcement on the overhaul could come before the start of China’s Lunar New Year holiday next week, the people said, asking not to be identified discussing private information. Alibaba Group Holding Ltd., which owns about a third of Ant, erased losses in Hong Kong trading on Wednesday after Bloomberg reported the agreement. The stock closed with a 0.4% gain.
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