{"id":35036,"date":"2023-11-16T12:31:31","date_gmt":"2023-11-16T12:31:31","guid":{"rendered":"https:\/\/isafespend.com\/news\/alibaba-shares-slide-over-8-after-it-disappoints-on-profit-curbs-cloud-spinoff\/"},"modified":"2023-11-16T12:31:33","modified_gmt":"2023-11-16T12:31:33","slug":"alibaba-shares-slide-over-8-after-it-disappoints-on-profit-curbs-cloud-spinoff","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=35036","title":{"rendered":"Alibaba shares slide over 8% after it disappoints on profit, curbs cloud spinoff"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>Chinese e-commerce giant\u00a0Alibaba\u00a0on Thursday reported quarterly profit that missed market expectations and said it would not proceed with the full spin-off of its cloud group.<\/p>\n<p>Its U.S. shares were trading over 8.3% lower in pre-market trading at 7.10 a.m. ET following the news.<\/p>\n<p>Here&#8217;s how Alibaba did in the September quarter, compared with Refinitiv consensus estimates:<\/p>\n<ul>\n<li><strong>Net income attributable to ordinary shareholders: <\/strong>27.7\u00a0billion yuan ($3.8 billion) versus 29.7 billion yuan expected.<\/li>\n<li><strong>Revenue:\u00a0<\/strong>224.79 billion yuan ($31\u00a0billion) versus 224.3 billion yuan expected.<\/li>\n<\/ul>\n<p>In its earnings release Thursday, Alibaba said that it would no longer proceed with a spin-off of its Cloud Intelligence Group \u2014 the cloud computing arm of Alibaba that competes with Amazon Web Services and Microsoft Azure. Alibaba had planned to list the division publicly.<\/p>\n<p>Alibaba said that it had curbed the spin-off due to U.S. chip exports, which have made it harder for Chinese firms to get critical chip supplies from U.S. companies. The U.S. barred sales of Nvidia&#8217;s advanced artificial intelligence-focused H800 and A800 chips in October.<\/p>\n<p>On Thursday, Alibaba said that the U.S. chip restrictions have &#8220;created uncertainties for the prospects of Cloud Intelligence Group.&#8221;<\/p>\n<p>&#8220;We believe that a full spin-off of Cloud Intelligence Group may not achieve the intended effect of shareholder value enhancement,&#8221; the company said, adding that it would instead focus on developing a sustainable growth model for the unit Cloud Intelligence Group &#8220;under the fluid circumstances.&#8221;<\/p>\n<p>The company also announced that it will issue its first-ever annual dividend in 2023.<\/p>\n<p>The Thursday results mark the first set of Alibaba earnings since veteran executive Eddie Wu succeeded former boss Daniel Zhang as CEO. As part of a broader management reshuffle, the company&#8217;s co-founder Joe Tsai also took over as chairman, Alibaba said in June.<\/p>\n<p>Investors will be watching for key signs of the company&#8217;s progress following the reorganization of Alibaba into six individual business units \u2014 one of the most radical shake-ups in the company&#8217;s history. Alibaba is seeking initial public offerings for its cloud computing division and logistics division Cainiao.<\/p>\n<p>The results also serve as an indication of the health of the Chinese consumer. Economists were expecting a boom in China&#8217;s economy following its emergence from Covid-19 lockdowns last year, but the rebound has proven more tepid, with a property crisis and other structural challenges posing risks to the country&#8217;s recovery.<\/p>\n<p>\u2014<em> This is a developing story and will be updated shortly.<\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/16\/alibaba-q2-2023-earnings-for-september-quarter-.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese e-commerce giant\u00a0Alibaba\u00a0on Thursday reported quarterly profit that missed market expectations and said it would not proceed with the full spin-off of its cloud group. Its U.S. shares were trading over 8.3% lower in pre-market trading at 7.10 a.m. ET following the news. Here&#8217;s how Alibaba did in the September quarter, compared with Refinitiv consensus<\/p>\n","protected":false},"author":1,"featured_media":35037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-35036","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alibaba shares slide over 8% after it disappoints on profit, curbs cloud spinoff | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Chinese e-commerce giant\u00a0Alibaba\u00a0on Thursday reported quarterly profit that missed market expectations and said it would not proceed with the full\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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