Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares - BABA STOCK NEWS

Farfetch Limited (NYSE: FTCH) reported Q3 2022 results showing revenue rose 1.9% YoY to $593.4M, while Gross Merchandise Value (GMV) declined 4.9% to $967.4M. Despite challenges, the Digital Platform GMV decreased only 5% but increased 2.6% at constant currency. The company's gross profit margin improved to 44.9%. However, it posted a loss after tax of $274.9M, driven by significant losses on fair value remeasurements and impairment charges totaling $38.3M. Cash and equivalents stood at $487.4M, and the company anticipates a decline in Digital Platform GMV by 5% to 7% for the full year.

Alibaba Group reported its financial results for the quarter ending September 30, 2022, showing a 3% year-over-year revenue growth of RMB 207,176 million (US$29,124 million). Operating income surged 68% to RMB 25,137 million (US$3,534 million), largely driven by a 29% rise in adjusted EBITA to RMB 36,164 million (US$5,084 million).

However, Alibaba faced a net loss of RMB 20,561 million (US$2,890 million), attributed to declines in equity investment values. The company announced a share repurchase program extension and upsizing to US$40 billion, indicating a commitment to improving shareholder returns.

Research by Strategy Analytics reveals that smartphone sales during China's 11.11 shopping festival reached 9.0 million units, declining 35% year-on-year (YoY). Despite this slump, Apple remained the leader, selling nearly 3.5 million iPhones and generating 25.1 billion CNY (US$ 3.5 billion) in revenue. In contrast, total online smartphone sales revenue dropped 29% to 36.8 billion CNY (US$ 5.2 billion). Xiaomi and Honor rounded out the top three, with Xiaomi especially strong in the entry and mid-tier segments.

Alibaba Cloud has successfully supported the 11.11 Global Shopping Festival, achieving an 8% year-on-year reduction in computing costs per resource from April to November. Its upgraded cloud infrastructure enhanced efficiency and reduced latency, enabling simultaneous order processing. The event saw Alibaba's logistics vehicles deliver nearly 2 million packages, doubling last year's volume. Additionally, the company increased its use of clean energy by 30%, with over 32 million kilowatt-hours sourced from renewable energy. The cloud provider remains a key player in the global cloud market, maintaining its third position in IaaS services.

Alibaba Group Holding Limited (NYSE: BABA) has successfully concluded its 14th annual 11.11 Global Shopping Festival, maintaining last year’s GMV performance despite macroeconomic challenges and pandemic-related issues. This year featured over 290,000 brands worldwide, with notable achievements such as 130 brands exceeding RMB100 million in GMV within the first four hours. Additionally, the festival showcased eco-friendly initiatives and new consumption trends, while Alibaba Cloud reported improved efficiency and cost reductions. The event highlighted a strong consumer interest that potentially sets a foundation for future growth.

Alibaba Group Holding Limited (NYSE: BABA) will report its unaudited financial results for the quarter ending September 30, 2022, on November 17, 2022, before U.S. market opens. A conference call to discuss the results will take place at 7:30 a.m. U.S. Eastern Time. Participants must pre-register to join the call and can access a live webcast at Alibaba's Investor Relations website. An archived version will be available post-call.

Alibaba aims to enhance global commerce infrastructure, focusing on making business easier.

Alibaba Cloud has launched ModelScope, an open-source Model-as-a-Service platform featuring hundreds of AI models for developers and researchers. The platform includes over 300 deployable models, such as advanced pre-trained models capable of transforming text into images. Additionally, Alibaba introduced serverless database solutions designed to enhance product deployment efficiency. With significant updates to its data analytics platform, Alibaba Cloud aims to reduce operational costs by 50% for clients, further solidifying its position as a leading public cloud provider globally.

Alibaba Cloud recently unveiled the Wuying Cloudbook at the Apsara Conference, enhancing its cloud computing offerings. This device enables enterprises to achieve unlimited computing power while ensuring high data security and operational efficiency.

The Wuying Cloudbook supports multiple operating systems and offers a sleek design with advanced collaborative capabilities. Notably, the device helps various sectors, including automotive and education, streamline operations and improve research efficiency through its innovative cloud architecture.

Alibaba Group has launched its 14th edition of the 11.11 Global Shopping Festival, featuring over 290,000 brands and a record 17 million products available to more than 1 billion consumers. The event aims to boost merchant loyalty programs, with more than 600 brands having surpassed one million members. Alibaba's 88VIP program boasts over 25 million members with high annual spending. The Festival will introduce sustainability initiatives, including low-carbon product labeling, while enhancing livestreaming and business support for merchants