Temu-Owner PDD's Sales Soar After Global Drive Gains Pace [BNN Bloomberg (Canada)]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
Last alibaba group holding limited american depositary shares each representing eight ordinary share earnings: 2/13 06:45 am
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Source: BNN Bloomberg
The Chinese-owned retailer's shares rose 6% after it reported better-than-projected sales of 86.8 billion yuan ($12 billion) in the March quarter, its second straight period of triple-digit growth. Net income more than tripled to about 28 billion yuan. PDD's earnings may help buoy Hong Kong's market rally as one of the key barometers of consumption in the post-Covid Chinese economy, which has been dogged by a property meltdown and persistent youth unemployment. But it's contending with heightened expectations, after outpacing far larger rivals Alibaba Group Holding Ltd. and Tencent Holdings Ltd. in topline growth over the past two years. On Wednesday, executives noted an improving domestic environment. “This year is a year for consumption promotion. The consumer market in the first quarter has made a good start, online consumption remains strong,” said Jiazhen Zhao, the company's executive director and co-CEO. “We are confident in the consumer market in China.” Rivals including
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BABA
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- 5/14/24 - Beat
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Sec Filings
- 6/14/24 - Form 6-K
- 5/31/24 - Form 6-K
- 5/30/24 - Form 6-K
- BABA's page on the SEC website