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About: http://data.cimple.eu/news-article/f6c0b4766c903bdbedf074a1a7082c18b8fb35232fd2d8f39b46b8de Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Chinese e-commerce giant Alibaba saw profits jump over the last three months of 2020 as economic activity returned in China and online spending continued apace. In the third quarter of its staggered fiscal year, the Wall Street-listed group reported a profit of 79 billion yuan ($12.2 billion) on Tuesday, up 52 percent year-on-year. That came after a fall of 60 percent in the previous quarter. Sales for the period was up 37 percent year on year to 221.1 billion yuan -- outstripping the estimates of analysts polled by financial agency Bloomberg, who forecast a 33 percent increase in revenue. "Thanks to the rapid recovery of China's economy, Alibaba had another very healthy quarter," group CEO Daniel Zhang said in a statement. While China was the only major world economy to have emerged from a coronavirus-hit 2020 with positive growth, its rate of expansion -- 2.3 percent for the year -- was still its slowest in 44 years. In its press release, Alibaba noted the setbacks to its online payment subsidiary Ant Group, whose colossal Hong Kong IPO was stopped in November by Chinese regulators. "Ant Group's business outlook and IPO plans are subject to great uncertainty," the group said. A month after the plug was pulled on the IPO, regulators opened an investigation into Alibaba's business practices, deemed anti-competitive. On Tuesday, the company said it was "fully cooperating" with the investigation, by the State Administration for Market Regulation. bur-leg/rl
schema:headline	Profits jump for Chinese e-commerce giant Alibaba
schema:mentions	Alibaba Group E-commerce Initial public offering Bloomberg L.P. Renminbi Hong Kong Chief executive officer China Daniel Zhang Outlook.com
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-02 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	71 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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