sales

Alibaba’s sales surge as people shop online during lockdown

(Reuters) – Alibaba Group Holding Ltd (BABA.N) on Friday reported forecast-beating fourth-quarter revenues and profits, as more people shopped online for essentials because of the coronavirus lockdowns.

FILE PHOTO: A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin, China May 16, 2019. REUTERS/Jason Lee/File Photo

As people stayed indoors and brick-and-mortar stores remained shut during the health crisis, online orders surged, with the company’s core commerce business rising nearly 19% to 93.87 billion yuan ($13.16 billion) in the quarter.

Revenue at its cloud computing business rose about 58%.

Alibaba CFO Maggie Wu said the results contrasted with the company’s guidance from the previous quarter, when it had predicted a drop in revenue.

“I’m pleased to report we reported better than expected March quarter results,” she said.

With China’s economy starting up again much ahead of major economies in Europe and

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Alibaba revenue, profit beat as online sales surge during lockdown

FILE PHOTO: A logo of Alibaba Group is seen at an exhibition during the World Intelligence Congress in Tianjin, China May 16, 2019. REUTERS/Jason Lee/File Photo

(Reuters) – China’s Alibaba Group Holding Ltd (BABA.N) reported better-than-expected quarterly revenue and profit on Friday, as the COVID-19 lockdowns drove more people to shop online for essentials.

The health crisis forced people to stay indoors and brick-and-mortar remained shut, resulting in a surge in demand for online orders.

Sales from the company’s core commerce business rose nearly 19% to 93.87 billion yuan ($13.16 billion) in the fourth quarter and revenue at its cloud computing business surged about 58%.

The e-commerce giant said it expects to generate over 650 billion yuan in revenue in fiscal 2021.

Overall revenue rose to 114.31 billion yuan ($16.02 billion) in the fourth quarter ended March 31 from about 93.50 billion yuan a year earlier.

Analysts had

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Nvidia forecasts sales above estimates, powered by data center results

FILE PHOTO: The nVIDIA booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake

(Reuters) – Nvidia Corp (NVDA.O) on Thursday forecast second-quarter revenue above analysts’ estimates, as demand surges for its chips used in the data centers that power the shift to working remotely because of the new coronavirus outbreak.

The company said the forecast includes a contribution from its $6.9 billion purchase of Israeli chip firm Mellanox Technologies Ltd, which strengthened its data center business.

The chipmaker said it expects current quarter revenue of $3.65 billion, plus or minus 2%, while analysts on average were expecting $3.29 billion, according to IBES data from Refinitiv.

Shares rose 0.4% in after-hours trading after the results were announced.

Much like rivals Intel Corp (INTC.O) and Advanced Micro Devices Inc (AMD.O), Nvidia recorded a jump

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In SoftBank slides, tofu, a goose and unicorns underpin sales pitch

TOKYO (Reuters) – A chastened Masayoshi Son summed up SoftBank Group Corp’s (9984.T) record $13 billion operating loss on stage this week with a striking image: unicorns tumbling into the “valley of the coronavirus”.

A graphic image entitled “Valley of Coronavirus”, as part of the SoftBank Group presentation slides, is shown in this undated handout image. SOFTBANK GROUP/Handout via REUTERS

Son’s presentations are more akin to the performances of Apple Inc (AAPL.O) co-founder Steve Jobs than the data-dense displays common in corporate Japan, with slides becoming an enduring part of the chief executive’s sales pitch.

While striking some observers as comical, the images, mixed with charts showing free cash flow and dividend policy, often outline central tenets of the businessman’s thinking.

Notable examples include SoftBank as a golden egg-laying goose that will reward with patience, or as tofu representing corporate wealth that the tech conglomerate will

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