Signage at the Alibaba Group Holding Ltd. Offices in Beijing, China, on Wednsday, March 29, 2023. Alibaba’s overhaul could serve as a template for a restructuring of china tech itself: a shake-ups-ups beijings aim of car Countrys Tech Titans While Unlocking Potentially Billions of Dollars in Pent-up ShareHolder Value.
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Chinese e-commerce titan Alibaba On thuresday beat expectations on the top and bottom line in its December Quarter, Citing ongoing Strength in its cloud intelligence unit.
Alibaba Said Net Income Hit 48.945 Billion Yuan ($ 6.72 Billion) in the Quarter Ended Dec. 31, compared with an lseg forecast of 40.6 billion yuan.
Revenue Came in at 280.154 billion yuan, versus analyst expectations of 279.34 billion yuan.
The company’s stock has surprised by around 50% on bot the new york and hong kong exchanges in the year to date.
“This Quarter’s Results Demonstrated Substantial Progress in Our ‘User First, AI-Driven’ Strategies and the Re-Exaclerated Growth of Our Core Busines,” Said Alibaba Eddi Wu in A Statement Accompanying the results.
“Our cloud revneue growth reignated to double digits at 13%, with AI-Revent Product Revenue Achieving Triple-Digit Growth for the Sixth Consctivate Quarter. Intelligence group driven by ai will continue to accelerate. “
Us-Listed Shares of the company was up 5.42% at 06:02 et in premarket trading, shortly after the release of the results.
Tech in focus
Alibaba’s Cloud Intelligence Group Posted Year-On-Year Sales Growth of 13% to 31.742 billion yuan in the three months to the end of December.
The Retail Giant’s Tech Activities are being Closely Watched by Investors after the Announcement of the Chinese Company’s Partnership With Apple To roll out ai features for iPhones Sold in Chinese.
Market focus has sharpened on chinese tech developments following Produced Than Sector-Lading Us Counterparts. Alibaba, which first made inroads into ai with the launch of its chatgpt-style product Tongyi Qianwen (Qwen) in 2023, Earlier this year rolled out a new Qwen 2.5 version of its technology that it claimd exceeds the Deepsek Model, According to reuters,
Alibaba’s Outspocen Founder Jack Ma, Who has larger kept out of the public eye since 2020, wasmmon the entrepreneurs who Attended a rare closed-door meeting Headed by Chinese President XI Jinping on Monday, during the beijing leader Urged Private Businesses to “Show their talents” and strength their confidence in a “New Era” for his activity.
Sales
Alibaba’s Key Business Units, Taobao and Tmall Group, Posted Annual 5% UPTICK IN Revenue to 136.091 billion yuan in the December Quarter, AMID ONGING QUEGING QUEGING QUESTES Over CONSUMER SENTIOMER SENTMER SENTMER SENTMER SENTERSUMER Second largest economy.
The latest data indicate that chinese retail sales jumped by a BETTER-to-Expected Annual 3.7% in DecemberAs beijing set out to combat a protracted real estate slump with a spate of stimulus measures-Including Interest Rate Cuts and A five-Yaar Fiscal Package Worth $ 10 Trillion Yuan. Some analysts have warned of Ongoing Weakness In consumer spending, but consumer inflation nevertheles accelerated to its Fastest in five months in January,
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