Tag: E-Commerce Discretionary

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.

Sea Ltd reported third-quarter results that exceeded analyst estimates, however, shares fell more than 13% in pre-market Tuesday.

Amazon.com is partnering with social-media platforms to enable direct purchases from apps such as Snapchat and Instagram. It’s a riposte to the growing e-commerce power of TikTok. 

SHANGHAI, Nov 12 (Reuters) – China’s largest e-commerce player Alibaba Group said it recorded year-on-year growth over this year’s Singles Day sales period that ended at midnight on Saturday, while rival JD.com reported sales volumes at a record high.

Shopify stock is surging in premarket trading Thursday after the e-commerce platform handily topped earnings and sales estimates.

Alibaba on Tuesday launched the latest version of its artificial intelligence model, as the Chinese technology giant looks to compete with U.S. rivals like Amazon and Microsoft.

In topping analysts estimates for its third-quarter results on Thursday, Amazon reported an operating margin of 7.8%, the highest since it reached a record of 8.2% in early 2021.

Amazon.com is facing a long-awaited lawsuit from the Federal Trade Commission. While the company being broken up is the most dramatic potential outcome, it might not be the worst outcome for the online retailer and cloud company. 

Alibaba plans to list its logistics unit Cainiao on the Hong Kong Stock Exchange, the company the Chinese e-commerce giant said in a regulatory filing Tuesday.

E-commerce giant Amazon on Monday said it will invest up to $4 billion in artificial intelligence firm Anthropic and take a minority ownership position in the company.

Amazon said it plans to add 250,000 U.S. workers for the holiday shopping season, 67% more than the number of people it hired for the past two years, as it scrambles to expand next-day delivery for shoppers.

Alibaba needs to be “user first” and “AI-driven,” new CEO Eddie Wu told employees on Tuesday, as he laid out the strategic priorities for the Chinese tech giant.

Shares of Chinese tech giant Alibaba fell 3.5% on Monday, 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.