Alibaba's Taobao and Tmall Launch New Tech Venture, Eyeing Global Market Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 04 2024
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Source: Benzinga
New Digital Technology Company Formation: Alibaba's Taobao and Tmall Group have established a new digital technology company, Hangzhou Taobao and Tmall Digital Technology Co, with a capital of 10 million yuan, focusing on import/export goods, food sales, and tech services.
Financial Performance and Market Challenges: Alibaba reported a 4% year-on-year revenue growth to $33.47 billion but missed analyst expectations, while its net income fell by 29%. The company's stock has declined over 13% in the past year due to regulatory pressures and weak consumer spending.
Analyst Views on ONLN
Wall Street analysts forecast ONLN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ONLN is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 61.650
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Current: 61.650
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
