David Becker
alibaba (NYSE:TORTOISE) shares erased pre-marketing losses and rallied in early trading on Thursday even as the Chinese tech giant reported third-quarter revenue that fell short of expectations, hit by the economic slowdown. China’s economy is weakening.
Give period ends September 30, Alibaba (TORTOISE) generated revenue of $29.12 billion, up 3% year-over-year, well below the $29.61 billion expected by analysts.
China trade accounted for 18.93 billion yuan (135.431 billion yuan), down 1% year-on-year. In contrast, international trade increased 4% year-on-year to $2.2 billion (RMB 15,747).
Alibaba’s cloud unit, which the company has have worked for a boost, generated 4% year-on-year growth to $2.9 billion (15,747 yuan) in the quarter.
in one statementAlibaba (TORTOISE) Chairman and CEO Daniel Zhang said the results were “solid” despite the ongoing challenges.
“The uncertainty of the global landscape only strengthens our resolve to focus on building the capacity that will deliver high-quality, sustainable growth for our customers and business over the long term.” term,” added Zhang.
alibaba (TORTOISE) To share more than 7.4% increase in early trading, while other Chinese tech stocks, including Baidu (BIDU), Bilibili (BILI), JD.com (JD) and Pinduoduo (PDD) also strong increase of 6.5% Or more.
Baidu (BIDU) is expected to report third-quarter results on November 22, and analysts wait the company will earn $2.21 per share on revenue of $4.5 billion.
Earlier this week, Alibaba (TORTOISE) and other Chinese tech companies saw their shares rise following reports that US President Joe Biden and Chinese leader Xi Jinping hold constructive talks at the G20 summit.
