Chinese stocks have seen their share of headlines lately, but investors will be looking for big numbers from Alibaba on Singles Day Last year, Alibaba reported gross merchandise volume of $84.5 billion, up more than 8% from the year-ago period. But that was a sharp slowdown from 26% growth in 2020. Growth is expected to slow again this year, with Singles Day gross merchandise volume expected to come in between $75 billion and $77 billion.
Recent Earnings
In early August, Alibaba reported fiscal first-quarter revenue (https://www.investors.com/news/technology/baba-stock-jumps-second-quarter-earnings-beat/) of $30.7 billion, down nearly 4% from the year-ago quarter but slightly above the consensus of around $30 billion. Adjusted profit of $1.75 a share was also above the $1.58 consensus.
Alibaba's China commerce segment fell 1% to $21.19 billion. Alibaba's cloud segment did revenue of $1.59 billion, up 10% year over year.
Alibaba stock gapped up in late May after the company reported adjusted profit of $1.25 a share, down 20% from the year-ago quarter but above the consensus estimate for $1.07. Reve
nue increased 13% to $32.2 billion, helped by strength in its domestic e-commerce business.
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