Tag: E-Commerce Discretionary

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.

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.