logo
Plus   Neg
Share
Email

Stock Alert: Alibaba Group Advances 4%

Shares of Chinese e-commerce giant Alibaba Group Holding Limited (BABA) are climbing more than 4% Wednesday morning at $298.98, nearing its 52-week high of $299.

Alibaba's cloud business is expected to be profitable, for the first time, in the current fiscal year, said finance chief Maggie Wu during a virtual investor day event on Wednesday.

The company's fiscal year starts in April and ends on March 31, 2021.

Cloud computing has been one of the fastest-growing sectors of the company with revenue growth of 58.5% to $1.75 billion in the June quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Telecom giant AT&T, Inc. reported Thursday a 24 percent decline in profit for the third quarter, primarily hurt by lower revenues across all its operating segments amid the impact from COVID-19 pandemic. Adjusted earnings for the quarter met analysts' expectations, while quarterly revenues topped their estimates. A Brazilian volunteer, who participated in a clinical trial of the COVID-19 vaccine developed by AstraZeneca and Oxford University, has died, Brazilian health authority Anvisa said. Oxford university reportedly confirmed the plan to continue the trial after careful assessment that there have been no concerns about safety of the clinical trial. NASA's Osiris-Rex robotic spacecraft briefly touched down on near-Earth asteroid Bennu's surface on Tuesday to collect rock and dust samples that will be brought back to Earth in 2023. Bennu is currently more than 200 million miles, or 321 million kilometres, from Earth. Osiris-Rex launched from Cape Canaveral Air Force Station in Florida in September 2016.
Follow RTT