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☆ China's Alibaba shakes up cloud unit management after scrapping the division's IPO
▼ + stars: | 2023-11-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Alibaba will put a bigger emphasis on three business units within the cloud space — public cloud, hybrid cloud and cloud infrastructure. Weiguang Liu will lead the public cloud division, a person familiar with the matter who was not authorized to speak publicly on it told CNBC, while Jin Li will lead the hybrid cloud unit. Daniel Zhang stepped down from the CEO role in September, then quit as the head of the cloud business weeks later. "The cloud intelligence group will resolutely implement a strategy of driving growth with AI and of prioritizing public cloud. "In the future, incremental demand for cloud computing will be driven by demand for AI, and most AI computing will run in the cloud."

Persons: Alibaba, Weiguang Liu, Jin Li, Eddie Wu, Jiangwei Jiang, Jingren Zhou, Daniel Zhang, Wu Organizations: CNBC Locations: China

"Investors had hoped to receive separate shares of the cloud business in hopes the segment could achieve a higher multiple in the public markets due to its growth potential." The company then appointed Eddie Wu, one of Alibaba Group's co-founders and long-time lieutenant of former chief Jack Ma, as both CEO of Alibaba and the cloud business. Instead the group would focus on growing the cloud business and providing investment for its AI drivers, he said. [1/2]3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. Alibaba International Digital Commerce, a business that includes platforms such as Lazada and AliExpress, however reported a 53% rise in revenues, with retail revenue up 73% year-on-year.

Persons: Cainiao, Thomas Hayes, Alibaba's, Daniel Zhang, Eddie Wu, Alibaba Group's, Jack Ma, Zhang, Joseph Tsai, Tsai, Wu, Dado Ruvic, Alibaba, Akash Sriram, Brenda Goh, Sam Holmes, Arun Koyyur, Jane Merriman Organizations: Alibaba, HK, Tencent Holdings, Alibaba's, Investors, Analysts, Cloud Intelligence Group, REUTERS, Alibaba Group Holdings, PDD Holdings, Digital Commerce, Casey Hall, Thomson Locations: U.S, China, Hong Kong, Alibaba's U.S, Bengaluru, Shanghai

☆ Alibaba extends losses to $26 billion in market value after the company announces big reversal of spin-off plans
▼ + stars: | 2023-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Alibaba has lost $26 billion in market cap since Thursday, after it shelved plans to spin off its cloud business. Executives said they needed to "reset" strategy, and pointed to US restrictions on chip sales to China. AdvertisementAlibaba walked back plans to spin off its $11 billion cloud business this week, sending shares of the Chinese tech giant lower for a second day on Friday. AdvertisementThe spin-off for its Cloud Intelligence Group had been planned as part of a widespread overhaul of the Alibaba empire. "We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement," the company said.

Persons: Alibaba, —, Joseph Tsai, Eddie Wu, Wu, Tsai, Biden, it's, Jack Ma Organizations: Service, Bloomberg, Biden Administration, Tencent Holdings, JD, Nvidia, Cloud Intelligence Group, Cloud Intelligence Locations: China

☆ Alibaba sheds $20 billion in market value after scrapping plans to list its cloud business
▼ + stars: | 2023-11-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Shares of Chinese tech giant Alibaba tumble on Sept. 11, 2023 after the company said in a surprise move that outgoing CEO Daniel Zhang will also be stepping down as chairman and CEO of its cloud business. Chinese e-commerce giant Alibaba saw $20 billion wiped off its market capitalization after announcing that it would no longer spin off and list its cloud computing business. At Thursday's market close in Hong Kong, Alibaba's market cap was 1.65 trillion Hong Kong dollars ($211.6 billion). On Friday, Alibaba's market cap sank to 1.49 trillion Hong Kong dollars ($191.1 billion). That translates to a loss of $21.1 billion in market cap, according to CNBC calculations of data from FactSet.

Persons: Daniel Zhang, Alibaba, Joe Tsai Organizations: Cloud Intelligence, Cloud Intelligence Group, Amazon Web Services, Microsoft, Google, Hong Kong, CNBC Locations: Hong Kong, FactSet, Alibaba's Hong Kong

☆ China's Alibaba to scrap cloud unit spinoff in response to US chip curbs
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 16 (Reuters) - China's Alibaba Group Holding (9988.HK), said on Thursday it will scrap the spin off of its cloud unit in response to export curbs by the United States on chips used in artificial intelligence applications. Its U.S.-listed shares fell about 5% in premarket trading after it also reported second-quarter revenue in line with market expectations. "The recent expansion of U.S. restrictions on export of advanced computing chips has created uncertainties for the prospects of Cloud Intelligence Group," Alibaba said. The e-commerce giant posted revenue of 224.79 billion yuan ($31.01 billion) in the quarter, compared with analysts' average estimate of 224.32 billion yuan, according to LSEG data.

Persons: Dado Ruvic, Alibaba, Pinduoduo, Eddie Wu, Alibaba Group's, Jack Ma, Daniel Zhang, Akash Sriram, Sam Holmes, Arun Koyyur Organizations: REUTERS, HK, U.S, Cloud Intelligence Group, PDD Holdings, Thomson Locations: United States, Bengaluru

☆ US-China chip war nixes Alibaba’s plan to spin out cloud business
▼ + stars: | 2023-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Alibaba has called off plans to spin off its cloud computing arm, saying recent tightening of US controls on chip exports to China has created “uncertainties” for the division’s prospects. “We will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,” the company said. And days after the announcement of the latest US chip restrictions, Beijing unveiled plans to restrict exports of graphite, a mineral required to make batteries for electric vehicles. Alibaba’s revenues for the June-to-September quarter climbed 9% on the previous year to 224.8 billion renminbi ($31 billion). Net profit was 26.7 billion renminbi ($3.7 billion), compared with a net loss previously, due to an increase in the value of the group’s equity investments.

Persons: London CNN — Alibaba, Xi Jinping, Joe Biden, BABA, ”, Xi, ” Biden, Biden, Tim Cook, Tesla, Elon, ” Xi, Jack Ma Organizations: London CNN, Cloud Intelligence Group, Alibaba’s, Biden Wednesday, San, Apple Locations: China, United States, Beijing, San Francisco, Hong Kong

☆ Alibaba stock drops as chip war nixes its plan to spin out cloud business
▼ + stars: | 2023-11-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Alibaba has dropped plans to spin off its cloud computing arm, sending its stock tumbling, because of US controls on chip exports to China which the company said had created “uncertainties” for the division’s prospects. “We will focus on developing a sustainable growth model for Cloud Intelligence Group under the fluid circumstances,” the company said. During talks with Biden Wednesday, Xi described the restrictions as “technological containment,” according to a senior US official. Biden said in response that the United States is not going to provide technology to China that could be used against it by the Chinese military. Alibaba’s revenues for the June-to-September quarter climbed 9% on the previous year to 224.8 billion renminbi ($31 billion).

Persons: London CNN — Alibaba, Xi Jinping, Joe Biden, BABA, ”, Xi, Biden, Tim Cook, Tesla, Elon, ” Xi, Jack Ma Organizations: London CNN, Cloud Intelligence Group, Biden Wednesday, US, San, Apple Locations: China, London, Hong Kong, United States, Beijing, San Francisco

☆ Alibaba shares slide over 8% after it disappoints on profit, curbs cloud spinoff
▼ + stars: | 2023-11-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023. Here's how Alibaba did in the September quarter, compared with Refinitiv consensus estimates:Net income attributable to ordinary shareholders: 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. Revenue: 224.79 billion yuan ($31 billion) versus 224.3 billion yuan expected. On Thursday, Alibaba said that the U.S. chip restrictions have "created uncertainties for the prospects of Cloud Intelligence Group."

Persons: Alibaba, Eddie Wu, Daniel Zhang, Joe Tsai Organizations: Alibaba, Holding, Smart, U.S, Cloud Intelligence, Amazon Web Services, Microsoft Locations: Chongqing, China, U.S

A man walks past a logo of Alibaba Group at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang Acquire Licensing RightsSHANGHAI, Sept 12 (Reuters) - New Alibaba Group CEO Eddie Wu has told staff the tech giant's two main strategic focuses going forward will be "user first" and "AI-driven", according to an internal letter reviewed by Reuters. The new CEO, one of Alibaba Group's founders and long-time lieutenant of former chief Jack Ma, is laying out his strategic priorities at a key moment for Alibaba, which is undergoing the biggest organisational restructure of its 24-year history. Late on Sunday Alibaba also announced that Wu would concurrently serve as CEO of its cloud computing unit, replacing Daniel Zhang. The cloud unit is Alibaba's second-biggest revenue source after domestic e-commerce and houses the group's generative artificial intelligence model, Tongyi Qianwen.

Persons: Tingshu Wang, Eddie Wu, Wu, Alibaba, Jack Ma, Daniel Zhang, Zhang, ByteDance's Douyin, Casey Hall, Gerry Doyle, Stephen Coates Organizations: Alibaba Group, REUTERS, Rights, Alibaba, Reuters, Cloud Intelligence Group, PDD Holdings, Huawei Technologies, Tencent Holdings, HK, Baidu, Thomson Locations: Beijing, China

☆ Shares of Alibaba tumble over 3% after outgoing CEO unexpectedly quits cloud business
▼ + stars: | 2023-09-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The move comes months after Alibaba said in June that Zhang was departing as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit. Stock Chart Icon Stock chart iconIn a surprise leadership reshuffle in June, Alibaba announced that Zhang was bowing out as both CEO and chairman on Sept. 10 to focus on the cloud intelligence business. Zhang was Alibaba Group CEO since 2015 and the group chairman since 2019. He has also been chairman and CEO of the Alibaba Cloud Intelligence Group since 2022. "The board of our Company expresses its deepest appreciation to Mr. Zhang for his contributions to Alibaba Group over the past 16 years," Alibaba said in the Sunday statement.

Persons: Daniel Zhang Yong, Daniel Zhang, Alibaba, Zhang, Eddie Wu, Wu, Joseph Tsai Organizations: Alibaba, Fund, Visual China, Getty, Alibaba Group, Cloud Intelligence Group, Company Locations: Lanzhou, Gansu Province, China, Hong Kong

☆ Former Alibaba CEO Daniel Zhang quits cloud in surprise move amid landmark restructuring
▼ + stars: | 2023-09-11 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Daniel Zhang, the outgoing chairman and CEO of Alibaba, has stepped down from his position running the company’s cloud division in a surprise move announced just months after he assumed the pivotal role. Daniel Zhang, the then CEO of Alibaba, speaks at a conference in Shanghai in November 2022. Han Haidan/China News Service/Getty ImagesEddie Yongming Wu will succeed Zhang as acting chairman and CEO of its cloud unit, Alibaba said Monday. Significant restructuringIn March, Alibaba announced it would split into six separate units, including cloud, e-commerce, logistics, media and entertainment. Analysts said Zhang’s departure from the cloud business came as a surprise, but should not affect a potential IPO of the unit.

Persons: Hong Kong CNN — Daniel Zhang, Zhang, “, “ Mr Zhang, Daniel Zhang, Han Haidan, Eddie Yongming Wu, Alibaba, Joseph C Tsai, Wu, Joe Tsai, Steven Ferdman, Tsai, —, ”, ” Tsai, Jacob Cooke Organizations: Hong Kong CNN, ” Citi, Alibaba, China News Service, Cloud Intelligence Group, Paley International, Paley Museum, CNN, Brooklyn Nets, New York Liberty, South China Morning, Alibaba Group, Analysts Locations: China, Hong Kong, Shanghai, New York, Alibaba

SHANGHAI, Sept 10 (Reuters) - China's Alibaba Group (9988.HK) said on Sunday that Daniel Zhang will step down from its cloud business, in a surprise move just two months after the company announced he would leave his roles as group CEO and chairman to focus on the cloud unit. Zhang had previously been concurrently serving in three roles, heading the group as well as its cloud unit. As scheduled, he handed over the role of group CEO to Eddie Wu on Sunday, who will also take charge of the cloud business after Zhang's departure, the company said in a statement. "Following careful consideration, the Alibaba board respected and accepted Daniel's decision and appointed Eddie as acting chairman and CEO of Cloud Intelligence Group, effectively immediately." Zhang will continue to contribute to Alibaba by "channeling his expertise differently," the letter added, saying that Alibaba will invest $1 billion in a technology fund that Zhang would establish.

Persons: Daniel Zhang, Zhang, Eddie Wu, Alibaba, Daniel, Joseph Tsai, Eddie, Brenda Goh, Hugh Lawson, Sharon Singleton Organizations: HK, Sunday, Cloud Intelligence Group, Reuters, Thomson Locations: SHANGHAI

☆ Alibaba's cloud division eyes state firms for up to $3 bln fundraising- Bloomberg News
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

3D printed clouds and figurines are seen in front of the Alibaba Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSept 4 (Reuters) - Alibaba Group Holding Ltd's (9988.HK) cloud division is weighing raising funds via a private round from Chinese state-owned enterprises ahead of the business' market debut in Hong Kong, Bloomberg News reported on Monday. The tech giant is working with advisers on a potential fundraise by its Cloud Intelligence unit that could mop up about 10-20 billion yuan ($1.38-$2.75 billion), the report said, citing people with knowledge of the matter. Earlier this year, Alibaba announced plans to restructure into six units following a two-year regulatory crackdown on China's tech sector. It approved a full spinoff of the Cloud Intelligence Group via a stock dividend distribution to shareholders, aiming to complete the public listing within the next 12 months.

Persons: Dado Ruvic, Alibaba, Shivani Tanna, Dhanya Ann Thoppil Organizations: REUTERS, Bloomberg, Cloud Intelligence, Cloud Intelligence Group, Ant, Thomson Locations: HK, Hong Kong, Alibaba, Bengaluru

REUTERS/Dado Ruvic/Illustration/File PhotoAug 10 (Reuters) - China's Alibaba Group Holding (9988.HK) reported its strongest quarterly revenue growth in almost two years on Thursday, boosted by a mid-year shopping festival that attracted bargain hunting consumers amid a sober economic environment. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan ($32.29 billion), up 14% from the prior-year quarter which was hit by strict pandemic lockdowns. The figurebeat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. Regulatory concern has eased for China's tech giants, including Alibaba, this year, with Chinese authorities keen to boost private sector confidence. (1 Chinese yuan renminbi = $0.1387)Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Joseph Tsai, Yuvraj Malik, Shounak Dasgupta, Sharon Singleton Organizations: REUTERS, HK, Cloud Intelligence Group, Tmall, PDD Holdings, Thomson Locations: U.S, China, Alibaba, Bengaluru

The CEO role will be handed over to Eddie Yongming Wu, chairman of Alibaba's Taobao and Tmall Group, while Executive Vice Chairman Joseph Tsai will take over Zhang as chairman. "The idea or expectation that one person could manage the business' crown jewel Cloud and at the same time manage the entire Alibaba Group is an unreasonable expectation." "It would be inappropriate for me to continue serving as chairman and CEO of both companies at the same time during the spin-off process." Alibaba thanked Zhang for his "extraordinary leadership in navigating unprecedented uncertainties affecting the company's business over the past few years." Wu, who co-founded Alibaba alongside Ma and Tsai over two decades ago, will continue to concurrently serve as chairman of Taobao and Tmall Group, Alibaba said.

Persons: Zhang, Joseph Tsai, Alibaba, Daniel Zhang, Eddie Yongming Wu, Alibaba's, Daniel, Brian Wong, Jack Ma, Joe, Eddie, Eric Chen, Wu, Ma, Tsai, Alipay, Jacob Cooke, Cooke, China's, J, Michael Evans, Abinaya, Brenda Goh, Scott Murdoch, Anne Marie Roantree, Josh Ye, Muralikumar Anantharaman, Christopher Cushing Organizations: Alibaba, HK, Tmall, Reuters, Cloud Intelligence Group, Analysts, Alibaba Health, Technologies, Thomson Locations: SHANGHAI, China, Hong Kong, Shanghai, Beijing, Japan, Spain, Australia, Thailand, Tokyo, Taobao, Bengaluru, Sydney

☆ Meet the new CEO of Alibaba
▼ + stars: | 2023-06-20 | by ( Lina Batarags | ) www.businessinsider.com time to read: +2 min

Cofounder Eddie Wu will replace Daniel Zhang as CEO, the company announced Tuesday. The move comes three months after Alibaba announced it would split into six groups. Eddie Wu, currently the chairman of Taobao and Tmall Group, will take over as CEO from Daniel Zhang, Alibaba Group announced Tuesday. After Zhang steps down from his role, he will lead Alibaba's Cloud Intelligence Group as chairman and CEO, the company announced. History at Alibaba: He's one of the cofounders of Alibaba, and he currently serves as a senior vice president overseeing three business units, per Crunchbase.

Persons: Eddie Wu, Daniel Zhang, Alibaba, Zhang, Joseph C . Tsai, who's, Wu Organizations: Morning, Tmall, Alibaba, Cloud Intelligence Group, Zhejiang University of Technology Locations: China

☆ CNBC Daily Open: The Chinese dragon's still dozing
▼ + stars: | 2023-06-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Blinken unexpectedly meets XiU.S. Secretary of State Antony Blinken ended his China visit by meeting with Xi Jinping, the country's president. Nonetheless, they signal to markets that Chinese officials are ready to step in and support economic growth. CNBC Pro combed through FactSet data and found six stocks that are on the verge of forming the golden cross.

Persons: Blinken, Antony Blinken, Xi Jinping, Blinken's, Joe Biden, Xi, Eddie Wu, Alibaba's, Daniel Zhang, Joe Tsai, Zhang Organizations: CNBC, Xi U.S, U.S, Markets, Juneteenth, China's, Bank of, Tmall, Alibaba's Cloud Intelligence Group, Analysts Locations: Dongguan, Guangdong Province of China, China, frayed U.S, America, Asia, Pacific, China's Shanghai, Bank of China

☆ Alibaba appoints Joseph Tsai, Eddie Wu to succeed Daniel Zhang as chairman and CEO
▼ + stars: | 2023-06-20 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Joseph Tsai, executive vice chairman and cofounder of Alibaba Group, will succeed Daniel Zhang as chairman, according to an announcement by the Chinese tech giant on Tuesday. Eddie Wu, chairman of Alibaba’s e-commerce platform Taobao and Tmall Group, will succeed Zhang as chief executive officer and replace him on the company’s board of directors. Following the transition, Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit. “I am grateful for the trust of the Alibaba Group board of directors and am honored to succeed Daniel as Alibaba’s CEO,” he said. Zhang was appointed by Alibaba as CEO in May 2015, eight years after he joined the company.

Persons: Hong Kong CNN — Joseph Tsai, Daniel Zhang, Jack Ma, Eddie Wu, Zhang, ” Zhang, Wu, “, Daniel, ”, Alibaba, Ma, Masa Son Organizations: Hong Kong CNN, Alibaba, Alibaba’s, Tmall, Alibaba Cloud Intelligence Group, Ant Group, Alibaba Group, University of Hong Kong, University of Tokyo Locations: Hong Kong, Beijing, Japan, China

The logo of the Alibaba office building is seen in downtown Huangpu District in Shanghai, China, June 16, 2023. Alibaba Group said in a surprise announcement Tuesday Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company's cloud intelligence business. "As everyone is well aware, the development of core technologies such as cloud computing, big data and AI will lead to a tremendous transformation of our society and is of utmost strategic significance," Zhang said in an internal memo to Alibaba staff. "Cloud Intelligence Group is now full speed ahead on its spin-off plans and we are approaching a crucial stage of the process, so it is the right time for me to dedicate my full attention and time to the business," he added. Alibaba shares pared losses after the announcement and were trading down 1% in Hong Kong on Tuesday afternoon.

Persons: Eddie Wu, Daniel Zhang, Zhang Organizations: Alibaba, Cloud Intelligence Group Locations: Huangpu District, Shanghai, China, Beijing, Hong Kong

☆ Alibaba Says Its Chairman, Daniel Zhang, Will Step Down in September
▼ + stars: | 2023-06-20 | by ( Chang Che | ) www.nytimes.com time to read: +1 min

In a major overhaul at the top of the company, Alibaba Group, China’s leading e-commerce giant, announced on Tuesday that Daniel Zhang would relinquish his role as chairman and chief executive of the company. Mr. Zhang said he would continue to serve as chief executive of Alibaba’s cloud computing division. Joseph Tsai, an Alibaba veteran who is the company’s executive vice chairman, will succeed Mr. Zhang as chairman and as a member of Alibaba’s board of directors. The leader of Alibaba’s e-commerce division, Eddie Yongming Wu, will succeed Mr. Zhang as chief executive, the company added. He will continue to lead both of those platforms as Alibaba’s chief executive.

Persons: Daniel Zhang, Zhang, Joseph Tsai, Alibaba’s, Eddie Yongming Wu, Wu, Alibaba Organizations: Alibaba, Tmall, Alibaba’s

☆ 'When we meet again, may we all be carefree': Read the outgoing Alibaba CEO's memo to staff
▼ + stars: | 2023-06-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Read the full memo Zhang sent to Alibaba employees:My fellow Aliren,Since becoming CEO of Alibaba Group in May 2015, it has become my custom to send several letters to everyone every year. In turn, the Alibaba board of directors has appointed Joseph C. Tsai to succeed me as Chairman and Eddie Yongming Wu to succeed me as Chief Executive Officer. Time flies, and this year marks my 16th year at Alibaba Group. My appointment as CEO and Chairman of Alibaba Group was beyond my imagination. Daniel ZhangAlibaba Group Chairman and CEOAlibaba Cloud Intelligence Group Chairman and CEO2023.6.20

Persons: Zhang, Alibaba, Joseph C, Tsai, Eddie Yongming Wu, Joe, Eddie, hopefuly, Daniel Zhang Alibaba, 2023.6.20 Organizations: CNBC, Alibaba Group, Cloud Intelligence, Cainiao Smart Logistics, Cloud Intelligence Group, Alibaba Locations: Alibaba

The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.

☆ Alibaba misses revenue estimate, approves cloud unit spinoff
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

"We would love nothing more than to see one of these little Alibabas...becoming another big Alibaba, as big as the group company is right now," said Alibaba Group chairman Daniel Zhang on an earnings call. Alibaba logged revenue of 208.20 billion yuan ($30.12 billion) for the three months ended in March, compared with a Refinitiv consensus estimate of 210.3 billion yuan. Net income attributable to ordinary shareholders was 23.52 billion yuan for the quarter, reversing a year earlier loss of 16.24 billion yuan. Revenue for Alibaba's cloud division in the recent quarter was 18.6 billion yuan, down 2% year-on-year. The company has opened up registration to test the technology to enterprise customers of Alibaba Cloud.

☆ Alibaba plans to list cloud division as quarterly revenue misses expectations
▼ + stars: | 2023-05-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

In this article BABABABA Follow your favorite stocks CREATE FREE ACCOUNTAlibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Bloomberg | Bloomberg | Getty ImagesAlibaba announced plans to spin off its cloud division as a separate, publicly traded company, while the e-commerce titan's quarterly revenue missed expectations. In its Thursday report, Alibaba said it plans to spin off its cloud division as a newly listed company, subject to restructuring certain assets, liabilities and contracts, and regulatory approvals. Dan Ives, an analyst at Wedbush Securities, said Alibaba's cloud spin-off plan was a "no brainer strategic move that we believe adds to the sum of the parts valuation on BABA." "We believe this was a step in the right direction for the Alibaba story," Ives told CNBC in emailed comments Thursday.

☆ Alibaba's breakup lifts hopes China's regulatory winter is thawing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +6 min

The move represented a light at the end of the tunnel for many investors who had seen a wave of regulatory blitzes as a major cloud hanging over China's private sector. Reuters GraphicsAlibaba said on Tuesday it would split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. He was spotted on Monday in Hangzhou, home to Alibaba, just one day before the company announced the restructuring. Tencent Holdings Ltd (0700.HK), China's largest gaming company, saw shares rise as much as 5.1%. Alibaba's split may pave the way for other Chinese tech giants to undergo similar restructuring, CMC Markets analyst Tina Teng said.

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