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UPDATE 2-Alibaba beats revenue forecast as Chinese regulators hover

3 Min Read (Reuters) - 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. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File Photo GLOBAL BUSINESS WEEK AHEAD 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.

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Alibaba beats revenue forecast on online boom as Chinese regulators hover

(Reuters) - China s Alibaba Group Holding Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, as its e-commerce business benefited from a switch to online shopping triggered by the coronavirus pandemic. The results come as China clamps down on company founder Jack Ma s business empire, having forced the suspension of a $37 billion IPO for financial affiliate Ant Group. In November, Alibaba s China-focused Singles Day sale - the world s biggest online shopping event that eclipses the revenues generated on U.S. shopping holidays Black Friday and Cyber Monday - registered sales of $74 billion in November. Alibaba s total revenue rose 37% to 221.08 billion yuan ($34.24 billion) in the three months ended Dec. 31, above analysts estimates of 214.38 billion yuan, according IBES data from Refinitiv.

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Alibaba beats quarterly revenue estimates - Netscape Money & Business

Alibaba beats quarterly revenue estimates 02/02/2021 12:06 (Reuters) - China s Alibaba Group Holding Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, as its e-commerce business benefited from a switch to online shopping triggered by the COVID-19 pandemic. Revenue rose 37% to 221.08 billion yuan ($34.24 billion) in the three months ended Dec. 31, above estimates of 214.38 billion yuan, according IBES data from Refinitiv. ($1 = 6.4566 Chinese yuan renminbi) (Reporting by Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila) 02/02/2021 12:06 © Copyright Reuters Ltd. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Reuters Ltd.

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Market movers: Stocks seeing action on Tuesday - and why

Market movers: Stocks seeing action on Tuesday - and why
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Alibaba s Jack Ma Resurfaces After Months of Laying Low

Alibaba s Jack Ma Resurfaces After Months of Laying Low
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