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(Reuters) -Alibaba Group has scrapped plans to spin-off its cloud business, citing uncertainties created by U.S. export curbs on chips used in artificial intelligence applications. The U.S ...
Shares of Chinese e-commerce firm Alibaba Group Holding plunged as much as 10% in New York after it said Thursday that plans to spin off its cloud business were scrapped, citing uncertainties due ...
Hong Kong-listed shares of China's Alibaba Group plunged 10% on Friday, wiping about $20 billion off its market value, after the company scrapped plans to spin off its cloud business. Alibaba said ...
In March 2023, Alibaba announced their "1+6+N" restructuring plan, which reorganized its business structure into six independently run entities: Cloud Intelligence Group, Taobao and Tmall Group, Cainiao Smart Logistics Network, Local Services group, Alibaba International Digital Commerce, and the Digital Media and Entertainment group.
Alibaba Cloud is a significant part of the company's business. The unit generated 12% of Alibaba's revenue last quarter, according to an earnings statement released Thursday.
Alibaba's stock is arguably a buy for risk-tolerant growth investors. This might help: As it stands right now, analysts' consensus price target is more than 40% above the stock's present price.