Alibaba Group Holding Ltd. (NYSE: BABA) has set the date for the official release of its latest quarter reports. According to an announcement from the Chinese company, unaudited financial outcomes for the June quarter are set to be released on Aug. 15, 2024, prior to the opening of the American market. Alibaba will also conduct a conference call at 19:30 Hours Hong Kong Time (07:30 hours ET) on that day to discuss the financial results.
Individuals interested in joining the call will have to go through a preregistration process where they will receive a special access pin, passcode and dial-in details. Furthermore, Alibaba’s website says, stakeholders can also access a real-time webcast of the conference call via https://www.alibabagroup.com/en/ir/earnings while an archived version of that webcast is to be accessible through that same link after the call.
Additionally, replays of that conference call are to be accessible for seven days after the day of the event. The number to dial is +1 855-883-1031. The pin for English speakers is 10040376; the pin for Chinese speakers is 10040377. With Alibaba making notable moves through its various subsidiaries in recent months, the latest quarterly results are sure to make for an interesting read.
Taobao recently began offering free international shipping to merchants in the fast fashion segment to boost its sales in international markets while Alibaba Cloud shut down its data center operations in Australia and India to focus on expanding operations in Mexico and southeast Asia. Additionally, the Chinese company has revealed plans to use generative artificial intelligence (AI) to support international merchants on its marketplaces.
As 2023 drew to a close, Alibaba Group reported slightly reduced growth through the Singles Season but had a successful season nonetheless amid a 2.08% ($156.4 billion) increase in sales on its e-commerce platforms. The festival was characterized by continued sales even during the economic hurdles caused by the COVID-19 pandemic, and Alibaba reported positive sales on both Taobao and Tmall. Although Singles Season would ultimately become a weekslong shopping extravaganza, Singles Day saw Alibaba take it up a notch with aggressive discounts.
A whopping 80 million products were available at year-low prices, with customers seeing discounts of up to 40%–-0%. The Mi14 smartphone from Xiaomi was the top-selling product on Tmall, and Xiaomi’s sales forecasts saw notable growth. E-commerce made up 60% of Tmall’s sales and 28% and 7% of JD.com and Pinduoduo’s sales, respectively.
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