Alibaba Group Holding Ltd (BABA.N), China’s biggest e-commerce firm, topped first-quarter revenue estimates on Thursday, but said investments in its food delivery business would continue to weigh on profits. The company said it had formed a holding company for local services and food delivery firms Ele.me and Koubei, for which it had received over $3 billion in new investment commitments, including from SoftBank Group Corp (9984.T) and Alibaba itself. Alibaba’s U.S.-listed shares rose about 4 percent in pre-market trade, as investors reacted positively to the better than expected revenue growth. …read more
Source:: Yahoo Finance
