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Alibaba Lower Pre-Market
Shares in Chinese technology company Alibaba are trading 1.62% lower pre-market on Monday. The company has been hit by recent headlines highlighting fresh threats from President Trump. Following Trump’s ban on Chinese app TikTok, the US premier has now warned that he could apply such measures to other Chinese companies including Alibaba.
During a press conference, Trump received questions over his actions against TikTok and whether he was planning any further actions, including a possible ban on Alibaba. He replied:
“Well, we’re looking at other things. Yes.”
Solid Q2 Earnings Beat
Alibaba reported a solid set of Q2 earnings. They posted earnings per share of $1.83 versus estimates of a $1.55 EPS. The company posted revenues of CNY 119.02 billion for the quarter ( $16.65 billion). This marks a 40% increase on the same quarter a year prior.
The company noted that the increase in revenues was driven by solid growth in the company’s Chinese commerce retail busines...
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