Company Briefs : Alibaba

Chinese e-commerce giant Alibaba said on Thursday that its profit fell 59 per cent in the latest fiscal year, joining a number of tech firms to report lacklustre results following strict Covid-19 restrictions and a sector crackdown.

The Hangzhou-based group cited "macro challenges that impacted supply chains and consumer sentiment" as it announced a loss of 16.2 billion yuan (S$3.3 billion) for the January-March quarter - a fourth-straight quarterly decline - and warned that it would not give forward-looking financial guidance due to Covid-19 risks.

AGENCE FRANCE-PRESSE

---

Dell

DellTechnologies has reported quarterly revenue that topped analysts estimates on strong demand for business PCs and networking services, a sign that companies have been modernising their technology stacks as workers return to the office. The shares jumped in extended trading.

Sales climbed 16 per cent to US$26.1 billion (S$35.8 billion) in the first quarter ended April 29. Analysts, on average, projected US$25 billion, according to Bloomberg data. Revenue was bolstered by a 22 per cent rise to US$12 billion from commercial PCs, one of Dell's highest-grossing products.

BLOOMBERG

---

Didi

State-owned automaker China FAW Group is considering acquiring a significant stake in the troubled ride-hailing giant Didi Global, according to people familiar with the matter. The Chinese carmaker has expressed interest in becoming a major shareholder, said the people, who asked not to be identified as the information is private.

FAW pledged to help Didi resolve issues related to data security, paving the way for a Hong Kong listing, they said. Shares of Didi jumped almost 10 per cent in pre-market trading in New York after the Bloomberg News report.

BLOOMBERG