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- Alibaba Group Holding Limited (NYSE:BABA) CEO Daniel Zhang termed last financial year its "most severe" external environment in decades as it battled multiple headwinds from regulatory scrutiny to a Covid-19 resurgence, CNBC reports.
- In his shareholder letter, Zhang highlighted the profound impact of the massive uncertainties brought about by the pandemic, the new expectations of the Internet sector in China, and the high frequency of international geopolitical conflicts.
- Alibaba posted its slowest revenue growth on record in FY22, and its share price collapsed by over 50%.
- Also Read: Alibaba To Shut Down Its Online Retail Platform In Hong Kong: Report
- Alibaba accounted for a significant fraction of the antitrust penalty handed out by China.
- Zhang also mentioned how Alibaba delivered a stable and rewarding year" amid the challenges highlighting its focus on consumption, cloud computing, and globalization.
- He acknowledged that Alibaba accomplished its goal of serving more than 1 billion annual active consumers in China.
- Zhang touted the growth of its discount shopping platform Taobao Deal and its group buying platform Taocaicai, seen as crucial products to drive users in smaller, less-affluent Chinese cities.
- He also said the cloud computing business realized full profitability for the first time in the last financial year with over 4 million paying customers.
- "For cloud, we expect BABA to be well positioned to capture the market opportunities in the next few years," Jefferies said.
- Recently, Bernstein upgraded Alibaba's rating, citing Ant IPO's likeliness, primary listing of Alibaba in Hong Kong, and improvement in GMV.
- Shortly after, Alibaba declared applying for a dual primary listing in Hong Kong as it looks to expand its investor base in Asia.
- Price Action: BABA shares traded higher by 1.16% at $102.62 in the premarket on the last check Wednesday.
- Photo via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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