Alibaba plans to list cloud division as quarterly revenue misses expectations
Publishing timestamp: 2023-05-18 11:19:26
Summary
Alibaba's revenue rose 2% year on year in its first quarterly earnings report since splitting into six units. The company plans to spin off its cloud division as a separate, publicly traded company. Despite missing revenue expectations, Alibaba's shares were down as investors reacted to the results and spinoff plans. The company also announced plans for an IPO for its Cainiao Smart Logistics unit and exploration of listing its Freshippo retail business. The company's performance is seen as an important indicator of China's economy, with positive domestic growth momentum in March. The company is also focusing on artificial intelligence, with the development of its own generative AI tool Tongyi Qianwen.
Sentiment: MIXED
Keywords: asia economy, business news, breaking news: technology, microsoft corp, technology, markets, alibaba group holding ltd, amazon.com inc, breaking news: markets, internet, jd.com inc,
Source: https://www.cnbc.com/2023/05/18/alibaba-shares-dip-as-quarterly-revenues-miss-expectations.html