Alibaba Group Holding Limited, a Chinese-based multinational corporation, has surpassed its expectations. At the same time, the share price has increased. Friday, the second quarter of their income growth rate was 40 percent; Which was beyond expectation. The company has been able to make such profit mainly because of its strong e-commerce and cloud computing business. In a report, United Kingdom-based news media reported Reuters.
The calculation came at a time when Alibaba’s e-commerce site is preparing for its annual Singles Day Shopping Bonus this November. On the other hand, the company is facing increasing competition with another e-commerce site called PinduDuo Inc. in the sale of goods in small cities of China.
Alibaba is a multinational e-commerce, retail, internet, technology sales company that was established in the year of 1999. It provides services for buyers, traders, buyers, and traders through the web sales portal.
Besides providing online shopping, the company offers services like cloud computing and filmmaking. It is one of the top 10 most important organizations in the world. In January 2018, Alibaba became the second Asian company to surpass $ 500 billion market value. Alibaba is now the ninth most valuable brand in the world.
Alibaba is the world’s largest retailer, serving 200 countries. On September 5, 2014, the American Security and Exchange submitted the documents so that the starting price per share would be $ 60-66. And the final price will be determined by doing an international roadshow so that investors’ interest can be increased.
On September 18, 2014, Ali Baba’s IPO was to $ 68, raising the company’s 21.8 dollars. Ali Baba is the highest in American IPO history.
On the other hand, Reuters reported that Alibaba’s share price has risen more than two percent only in the United States.