Chinese Internet company Alibaba Group Holding in the second fiscal quarter recorded a rise in net profit by 13.4% in annual terms to 20 billion 33 million yuan. Adjusted earnings of 9.6 yuan per share exceeded analysts' forecast of 7.43 yuan per share. The revenue amounted to 85 billion 148 million yuan, an increase of 54.5% over the year. Analysts had expected even more significant growth – up to 86.5 billion yuan. During the earnings period, the company increased the number of users in China using mobile devices to access services by 22%. The retail business increased revenue by 56%, the cloud division – by 90%, and the entertainment and digital media business – by 24%.
Alibaba Group Holding Ltd's (BABA) co-founder Jack Ma sold $8.2 billion worth of shares, reducing his stake in the company over the past year from 6.2% to 4.8%. The Chinese e-commerce company released its annual report on Friday. The divestment ...
American multinational automaker Ford Motor Co. (F.N) announced on Thursday that its vehicle sales increased by 3% from April to June in mainland China. It would be the first time that the company's first quarterly sales rose in the world's ...
On Thursday, the semiconductor manufacturing company Broadcom Inc. (AVGO.O) posted its second-quarter revenue estimates worth $5.742 billion and suggests a delay on the Apple Inc.’s (AAPL.O) iPhone 12 launch on the first week of September ...
On Thursday, American multinational warehouse club operator Costco Wholesale Corp. (COST.O) reported a 7.5% decline in its third-quarter revenue. The retail company spent $300 Million on incremental wages and extra sanitation costs amid the ...
On Wednesday, American computer manufacturer Micron Technology Inc (MU.O) raised its revenue forecast to a range of $5.2 billion to $5.4 billion from $4.6 billion to $5.2 billion for the third quarter. The company's shares jumped to 3.7% in ...