Chinese e-commerce giant Alibaba Group (NYSE: BABA) reported a 22% increase in its revenue for the fourth quarter of 2020 backed by solid performance of its domestic retail businesses as well as robust cloud computing revenue growth. This is despite a challenging quarter due to reduced economic activities in light of the COVID-19 pandemic in China.
The pandemic has fundamentally altered consumer behavior and enterprise operations, making digital adoption and transformation a necessity. Although the pandemic negatively impacted most of the domestic core commerce businesses starting in late January, the company has seen a steady recovery since March.
Based on the current view of Chinese domestic consumption and enterprise digitization, the company expects to generate over RMB650 billion in revenue in fiscal 2021.
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2020, reflecting a marked increase in merchandise sales. The results also topped analysts’
The disruption caused by coronavirus has affected almost all sectors except business service providers like Cintas Corporation (NASDAQ: CTAS), which is busy helping clients maintain hygiene and safety during the
Rite Aid Corporation (NYSE: RAD) reported a narrower loss in the second quarter of 2021. Net loss shrank to $0.25 per share in the recently ended quarter from $1.49 per