Shares of Alibaba (BABA) are trading lower on Tuesday morning after the company posted an 86% loss in profit year-over-year. However, the company noted areas of acceleration, including customer growth and cloud computing revenue. Yahoo Finance Anchors Brad Smith and Seana Smith break down the latest developments for Alibaba and what they could mean for the company moving forward. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Nicholas Jacobino
According to a Bloomberg report, the Biden administration could make an announcement on tariffs on Chinese EVs as early as Tuesday morning. The tariffs could rise as high as 102.5%. Economic data in the form of the Producer Price Index (PPI) is set to be released with an expected rise of 0.1% compared to last month. Core PPI is expected to remain steady month over month. Federal Reserve Chair Jerome Powell and Fed Governor Lisa Cook are set to speak on Tuesday, potentially commenting on the aforementioned data. Another set of earnings will also be released: Home Depot (HD), Alibaba Group (BABA), On Holding (ONON), Rumble (RUM), Jack in the Box (JACK) For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Nicholas Jacobino
Alibaba Group Holding Limited (NYSE:BABA) stock is trading lower Tuesday after the company reported its quarterly results. The Jack Ma co-founded e-commerce giant reported fiscal fourth-quarter 2023 revenue growth of 7% year-on-year to $30.73 billion, beating the analyst consensus estimate of $30.40 billion. Adjusted earnings per ADS of $1.40 missed the analyst consensus estimate of $1.41. Net income plunged 86% Y/Y to $453 million due to net loss from its investments in publicly traded companie