BBG: Alibaba’s Cainiao plans to raise at least $1bn in Hong Kong IPO soon
BLOOMBERG reports: Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., is planning to ...
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CNBC reports:
Alibaba on Thursday reported its slowest quarterly revenue growth since going public and missed expectations, but the Chinese e-commerce giant did beat on earnings.
Here’s how Alibaba did in its fiscal third-quarter, versus Refinitiv consensus estimates:
– Revenue: 242.58 billion ($38.06 billion) vs. 246.37 billion yuan estimated, a 10% year-on-year rise.
– EPS: 16.87 ($2.65) yuan per share vs. 16.18 yuan per share estimated, a 23% year-on-year fall.
The 10% revenue growth is the slowest quarterly year-on-year growth rate for the company since its 2014 U.S. listing.
Alibaba shares were down more than 3% on Thursday.
Alibaba has been facing macroeconomic headwinds in China which have weighed on the e-commerce giant’s business. Chinese retail sales remained sluggish in the fourth quarter of the year, for example. And there is heightened competition in China’s e-commerce space…
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