Alibaba Group was established in 1999 by 18 people led by Jack Ma, a former English teacher from Hangzhou, China. From the outset, the company’s founders shared a belief that the Internet would level the playing field by enabling small enterprises to leverage innovation and technology to grow and compete more effectively in the domestic and global economies. Since launching its first website helping small and medium-sized enterprises in China to sell internationally, Alibaba Group has grown into a digital ecosystem with businesses comprising China commerce, international commerce, local consumer services, Cainiao, cloud, digital media and entertainment, innovation initiatives and others.
Alibaba FY 2023 results:
- Revenue was RMB208,200 million (US$30,316 million), an increase of 2% year-over-year.
- Income from operations was RMB15,240 million (US$2,219 million), a decrease of 9% year-over-year.
- Adjusted profit rose 5% to $2.79 a share.
Chart wise, A nice gap up price pattern spotted on the chart yesterday, looks rather interesting!
Short term wise, with Nasdaq turning into an bullish uptrend mode direction I think Alibaba price may likely rise up to reclaim 90 then 96 with extension to 110.
Pls dyodd.
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