Alibaba Shares Drop on Scrapped Spinoff Plan
By Dean Seal Shares of Alibaba Group fell after the company canceled a spinoff of its Cloud Intelligence Group. The stock was down 8.2% at $79.94 in...
Stay updated with breaking news from Cloud Intelligence. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
By Dean Seal Shares of Alibaba Group fell after the company canceled a spinoff of its Cloud Intelligence Group. The stock was down 8.2% at $79.94 in...
Decision marks a dramatic reversal on a signature move
Chinese e-commerce giant Alibaba said on Thursday it would cancel the spinoff of its Cloud Intelligence arm in light of "the recent expansion of US restrictions on export of advanced computing chips".
Alibaba Group said it would pay its first-ever dividend of $2.5 billion and reported a solid set of second-quarter results.
US News: Alibaba Group Holding reported a 9% increase in revenue for Q3, reaching 224.8 billion yuan ($31 billion), in line with market expectations. However,