Despite these setbacks, Alibaba reported second-quarter revenue of 224.79 billion yuan ($31.01 billion), meeting analysts' expectations. The company's international digital commerce division, including platforms like Lazada and AliExpress, reported a 53% rise in revenues. Alibaba aims to maintain competitiveness amid regulatory changes and global economic pressures by achieving a "more nimble" structure.
Key takeaways:
- Alibaba Group has cancelled its plans to spin off its cloud business due to US export restrictions on AI technology chips, stating that the move may not enhance shareholder value as intended.
- The company's US-listed shares fell by 8.4% following the announcement, with investors having expected to receive separate shares of the cloud business.
- Alibaba's second-quarter revenue met expectations, with its international digital commerce arm reporting a 53% rise in revenues.
- Despite the setback, Alibaba aims to maintain competitiveness by achieving a "more nimble" structure amid evolving regulatory landscapes and global economic pressures.