Alibaba is coming off what was likely a big quarter for its e-commerce business.
But China's most famous tech firm is still poised to face nervous investors on Tuesday as a regulatory crackdown in China continues to cast a shadow over its future.
The company is expected to report a 33% jump in revenue for the quarter ended December compared to a year earlier, according to analysts polled by Refinitiv.
.@CNNBusiness: Alibaba is coming off what was likely a big quarter for its e-commerce business. But China’s most famous tech firm is still poised to face nervous investors. @lauraliuhe explains. https://t.co/p62CBmoseq
— CNN Asia Pacific (@cnnasiapr) February 2, 2021
Alibaba (BABA)'s core e-commerce operations have benefited during the coronavirus pandemic as people turned to online shopping to buy things without leaving their homes.
And the most recent quarter included the company's big Singles Day sales blitz, which brought in tens of billions of dollars last year.
But strong revenue might not be enough to soothe concerns from investors, who have been rattled by worries over how hard Chinese authorities might come down on Jack Ma's tech empire.
Ma, who co-founded Alibaba more than two decades ago, built the company into one of China's most powerful tech titans.
It generated nearly $80 billion in revenue for the fiscal year that ended last March, and it has a market capitalization of more than $700 billion, making it one of the world's most valuable tech companies.
But Beijing has become increasingly concerned about the clout that big, private tech firms have over the financial industry and other sensitive areas, and how entrenched they have become to everyday life in China through digital payments apps and other services.
Last November, shares in Alibaba slid even though the company's earnings topped estimates, as it reported results just after regulators shelved a highly anticipated IPO from its financial affiliate, Ant Group.
Latest Stories
-
IGP shares Easter safety tips on Adom FM’s Ofie Kwanso
1 min -
Ebo Whyte offers fully-funded trip as he unveils new play ‘Dubai or No Sex’
13 mins -
Ancient culture of Anlo Kingdom: Exploring “Torkor Atorlia,” the fifth landing stage’s old ways of punishment
28 mins -
Leaders from Saudi Arabia, Turkey, Botswana, Cameroon and Sierra Leone to lead discussions at Africa Finance Corporation’s (AFC) 4th Country & Stakeholder Symposium
59 mins -
Network International Delivers Strong 2023 Revenue growth at 15% y/y and free cashflow growth of 16% y/y
59 mins -
President Akufo-Addo extends Easter Greetings to Ghanaians, urges safe drive
1 hour -
Government pushes for use of more local materials in housing, other infrastructure projects
2 hours -
Dr Bawumia extends Easter greetings to Christians
2 hours -
CAF Confederation Cup: ‘Ghanaians should expect victory against Stade Malien’ – Dreams FC forward Ishmael Dede
2 hours -
CAF Confederation Cup: ‘We want to go there and win’ – Karim Zito on Stade Malian clash
3 hours -
Togbe Adzie Lãkle Howusu XII endorses youth leadership as New Force Movement gains momentum
3 hours -
Public Utility Workers Union appeals to PURC to address power crisis
4 hours -
Anbariya loses another appeal in Kumasi as Appeal Court ratifies High Court ruling against the Islamic Institute
4 hours -
Highway construction health hazard: Ofankor-Pokuase-Nsawam residents appeal for dust relief
4 hours -
SuperJazzClub releases its first single of the year ‘Off’
4 hours