Wall Street is expecting Alibaba's core commerce business to drive growth alongside cloud computing.
Alibaba is set to report its June quarter results on Thursday. Analysts expect a slowdown in revenue growth.
A monitor displays Alibaba Group signage on the floor of the New York Stock Exchange in New York, U.S., on Monday, Jan. 7, 2019.is expected to show slowing revenue growth after years of blockbuster earnings when it reports fiscal first quarter earnings on Thursday. Its profitability, however, is likely to be improved.Revenue of 111.73 billion yuan , according to Refinitiv data.
Investors will be looking at the performance of these new areas — particularly food delivery, which faces stiff competition from Chinese rivalOne of the most promising areas of Alibaba's business, according to analysts, is cloud computing. The division saw 76% year-over-year revenue growth in the March quarter and has slowly been growing its share of Alibaba's revenues. Though it is still only around 8% of revenues, analysts see a big opportunity for the technology giant.
The Chinese e-commerce giant is also reportedly looking to hold an initial public offering in Hong Kong, which could raise as much as $20 billion. On Thursday, however, thereported that Alibaba was weighing whether to delay the listing, which was scheduled for September, amid the anti-China protests in Hong Kong. Alibaba declined to comment when contacted by CNBC about the matter.
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