updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Alibaba saw a decline in the value of transactions on the online shopping platforms during the fiscal Q3.
Chinese e-commerce company Alibaba Group (NYSE: BABA) crushed expectations in its fiscal Q3, which ended on December 31. The company recorded revenue of 247.76 yuan, equaling $35.92 billion. Meanwhile, analysts expected Alibaba to see 245.18 billion yuan in revenue for the fiscal Q3. As news of the e-commerce giant hits the limelight, its US-listed shares popped 6%. The Chinese multinational technology company has grown by almost 7% since the beginning of the year. It has also increased by 19.95% in the last three months. At press time, however, Alibaba’s US-listed shares are down 0.20% to $93.97 in extended trading hours.
Alibaba posted a 14% YoY rise in its earnings per American depository share at 19.26 yuan. This is 3 yuan more than analysts’ prediction of 16.26 yuan. The company’s net income for the quarter was 46.82 billion yuan. In addition to exceeding the expected 34.02 billion yuan, the figures also grew 69% compared to the year-ago quarter.
Additionally, revenue from the company’s commerce division, including the online shopping platform Taobao, dropped 1% YoY to 169.99 billion yuan. A 9% YoY fall in customer management revenue contributed to the commerce sector revenue drop. At the same time, Alibaba saw a decline in the value of transactions on the online shopping platforms during the fiscal Q3.v The Chinese company explained that the gross merchandise volume “declined mid-single-digit year-over-year, mainly due to soft consumer demand and ongoing competition as well as a surge in COVID-19 cases in China that resulted in supply chain and logistics disruptions in December.”
Generally, the e-commerce giant suffered a significant hit due to the unprecedented global health crisis. Many organizations shut down as the world was forced to stay at home. The tight COVID-19 control policies and strict regulations on Chinese technology companies resulted in Alibaba losing a significant part of its value. Since the company peaked in October 2020, it has lost about $600 billion from its valuation.
While Alibaba saw its shares jump in the US after announcing the fiscal Q3 earnings, its shares in Hong Kong closed higher before the news. The e-commerce closed higher on Thursday before the announcement of the financial results. This is because investors are bullish on potential recoveries due to China’s economic reopening. The government lifted the strict Covid controls during the December quarter, and investors are betting it could fuel consumer spending. And e-commerce companies, including Alibaba, are positioned to benefit from increased consumer sentiment and spending. CEO Daniel Zhang stated that the company looks forward to “continued recovery in consumer sentiment and economic activity.”
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
MyEtherWallet’s CEO believes that blockchain technology should be used to buid decentralised products.
The CEO added that MyEtherWallet remains a decentralised wallet because that is the best way to use blockchain technology.
He added that MyEtherWallet doesn’t have plans to do an airdrop yet.
Kosala Hemachandra, CEO of MyEtherWallet, told Cointelegraph in a recent interview, that he believes blockchain technology should be used for decentralised purposes.
According to the CEO, creating centralised products defeats the purpose of using blockchain technology. He said;
“Blockchain, at its core, is a decentralised solution, so why would we create products that are centralised? Because we are defeating the whole purpose of using blockchain.”
Self-custody has been gaining traction in the cryptocurrency space since the collapse of the FTX crypto exchange two months ago.
MyEtherWallet remains one of the oldest noncustodial wallets in the Ethereum ecosystem. According to the CEO, the wallet went live roughly two weeks after the Ethereum mainnet launch.
He added that the company continues to operate as a decentralised wallet because it believes it is the only proper way to use blockchain technology.
Hemachandra revealed that MyEtherWallet is not planning to do an airdrop or launch its token soon. The CEO said the company doesn’t see any use case for their own tokens at the moment.
However, the company is working on certain features to enable it to compete with Meta Mask, another leading Ethereum-focused wallet.
MyEtherWallet will be adding support for more blockchain networks, and it recently launched a multichain browser extension. The CEO revealed that MyEtherWallet recorded a surge in users following the FTX saga as users look for decentralised solutions to storing their assets.
At the moment, MyEtherWallet has more than three million users, most of them in the United States and Japan.