Alibaba Q2 2023 earnings, shelves cloud spinoff


Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023.

Qilai Shen | Bloomberg | Getty Images

U.S.-listed shares of Chinese e-commerce giant Alibaba slid Thursday after it announced it would not proceed with the full spinoff of its cloud group due to U.S. chip export restrictions.

The company’s stock sank 9% on the news. Shares of Alibaba have fallen 1% since the start of this year as of Wednesday’s close. 

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Alibaba share price performance on 16/11/2023

In its earnings release Thursday, Alibaba said that it would no longer proceed with a spinoff of its Cloud Intelligence Group — the cloud…

Source cnbc.com

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