Tag: E-Commerce Discretionary

Latin American e-commerce giant MercadoLibre on Thursday reported a $165 million fourth-quarter net profit, as higher sales were offset by a tax hit, with results flat versus the year-ago period.

Amazon is set to join the Dow Jones Industrial Average, replacing Walgreens Boots Alliance effective next week, S&P Dow Jones Indices said on Tuesday.

Chinese e-commerce operator JD.com Inc. is the latest company to consider buying UK electronics retailer Currys Plc, as a path to toward new avenues for growth away from home.

Amazon com founder Jeff Bezos has sold $2 billion of the retail and cloud company’s stock, his first sale in more than two years.

Temu, the e-commerce app run by Chinese company PDD Holdings, plans to run a Super Bowl ad on Sunday, a spokesperson told CNBC, as it looks to continue growing rapidly in the United States.

Alibaba stock rose then fell on Wednesday after the Chinese tech giant narrowly missed Wall Street’s quarterly earnings expectations but announced that it was increasing its share buyback program.

Amazon trounced analysts’ expectations for fourth-quarter earnings and revenue.

Chinese internet giant Alibaba Group is looking to sell a number of consumer sector assets, including grocery business Freshippo and retailer RT-Mart, three sources with knowledge of the situation said.

Chinese stocks slumped on Monday after the country’s central bank left interest rates unchanged, a decision that does little to inspire confidence among investors worried about a slowdown in the world’s second-largest economy.

Amazon is laying off hundreds of employees at its studio division as well as its subsidiary Twitch to reduce costs, the latest in a wave of new job cuts hitting the tech industry.

Employees across all Southeast Asia markets from all levels are affected by the layoffs, according to the person who declined to be named due to the sensitive nature of the subject.

Chinese online retailer JD.com said on Friday that it won a lawsuit against rival Alibaba which was fined 1 billion yuan ($140.68 million) for monopolistic practices.

Alibaba Group CEO Eddie Wu is taking over the top role at the company’s Taobao and Tmall e-commerce business, replacing Trudy Dai in the Chinese internet tech giant’s latest management shakeup this year.

NEW YORK, Dec 6 (Reuters) – Temu, the fast-growing Chinese e-commerce platform selling $4 home decor and $10 shirts, is successfully taking on U.S. dollar stores including industry leader Dollar General , according to the latest market share data.

TOKYO, Dec 6 (Reuters) – Rakuten Group said on Wednesday it plans to sell a large stake in Rakuten Bank to overseas investors, its latest fundraising effort as the Japanese company grapples with heavy debt and losses at its mobile network unit.

Alibaba shares fell more than 1.3% in pre-market Friday trade after Morgan Stanley analysts downgraded shares to Equal Weight from Overweight with a price target cut by $20 to $90 per share.

Shares in PDD Holdings  soared Tuesday after the online retailer reported quarterly results that were far ahead of Wall Street’s expectations and the rival to both Alibaba BABA and Amazon revealed staggering growth.

Singapore-based fashion retailer Shein has filed confidentially with the Securities and Exchange Commission for an initial public offering, according to The Wall Street Journal.

Alibaba’s stock was down just over 8% in pre-market trading at 7.40 a.m. ET following the news, off earlier lows.

JD.com beat Wall Street’s expectations in the third quarter as the e-commerce group leaned on price competitiveness and operating efficiency, a sign the Chinese tech sector may be able to outrun a slowdown in the world’s second-largest economy.