Alibaba warns of slower growth after missing Wall Street earnings

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Kabar Medsos – Alibaba reported sales and earnings for the third quarter that missed forecasts and warned that results for the year will be below estimates as well. The stock sank on the news. Shares of Alibaba (BABA) were down 10% in early trading Thursday. The Chinese e-commerce giant reported sales growth of 29% from a year ago, to $31.1 billion. But Wall Street was expecting revenue of $32.1 billion. Earnings per share fell 38% from a year ago and also were below expectations. The company also said that sales…


Gucci to Join Alibaba’s Luxury E-Commerce Site

Kabar Medsos – Fashion label Gucci will open two flagship stores on Alibaba’s online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to the coronavirus pandemic. Gucci, the profit engine of French group Kering, is one of the most prized names to join the Tmall Luxury Pavilion platform, which was created in 2017 and now boasts more than 200 brands ranging from apparel to high-end cars. Gucci’s first flagship store, selling fashion and leather goods collections, will open…


Alibaba-owned Lazada suffers data hack of 1.1 million accounts

SINGAPORE, Kabar Medsos – Singapore e-commerce firm Lazada said on Friday that personal information including addresses and partial credit card numbers from 1.1 million accounts had been hacked, a major breach in the city-state of 5.7 million. The Alibaba-owned firm said in an email that the information was taken from a database of its grocery arm RedMart that was more than 18 months out of date. “The user information that was illegally accessed include names, phone numbers, email and mailing addresses, encrypted passwords and partial credit card numbers,” a spokesman…