Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
(Corrects analyst's given name to Steven, not Stephen, in the 14th paragraph)
* Q4 revenue reaches 93.50 billion yuan, beats estimates
* Revenue increases 51% year-on-year
* Revenue excludes sales from acquired businesses up 39% y/y
* Aggressive investment in cloud computing paying off
* Alibaba also opens supermarkets
* Shares up 1.7% in New York after Q4 results
SHANGHAI, May 15 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd beat fourth-quarter revenue forecasts on Wednesday, thanks to growth in its core business and its diversification into cloud computing and other services.
Alibaba has invested in new business lines such as cloud computing as a boom in its core e-commerce has peaked and its top line growth is slowing.
It reported a 51% increase in group revenue for January-March from a year earlier to 93.50 billion yuan ($13.6 billion), beating estimates of 91.58 billion yuan, according to IBES data from Refinitiv.
Sales excluding revenue from consolidated businesses grew 39 percent year-on-year.
While still solid, Alibaba's top-line growth rates have slowed sharply from a few years ago, as have those of domestic rivals such as JD.com, which last week reported its slowest quarterly revenue growth since it listed in 2014.
Alibaba said it expects its revenue for the full fiscal year ending in March 2020 will top 500 billion yuan, which would be a 33% increase on the previous year.
Its shares were up 1.7% at $177.55 in New York trade by 1451 GMT, after its fourth-quarter results release.
The group said its net income attributable to ordinary shareholders rose in the quarter to 25.83 billion yuan, from 7.56 billion yuan in the same period a year earlier.
Alibaba has made money primarily by selling advertising and promotional services to third-party merchants that list products on Taobao and Tmall, two of its e-commerce sites, but has in recent years invested heavily in cloud computing as well.
It also opened 135 supermarkets in China under its Hema division, according to its earnings release.
Revenue from the company's cloud computing business rose 76% in the fourth quarter, it said.
It is still a relatively small part of Alibaba's overall business, accounting for 8% of group revenue in the fourth quarter. However, the company is now the world's third-largest cloud service provider, after Microsoft Corp and Amazon.com Inc, and the largest in China with a market share of over 40%, according to data from IDC.
Selling analytics technology to offline retailers and expanding its AliExpress e-commerce sites are other initiatives it is taking further.
Most of Alibaba's new initiatives are still losing money. Steven Zhu, senior analyst at Pacific Epoch, said that e-commerce growth, while slowing, remains strong enough to support these new investments.
Managing the group's transition to new areas of business is Daniel Zhang, who was tapped by Chairman Jack Ma to be Ma's successor in September 2018 and will formally replace him later this year.
An accountant by training, Zhang is soft-spoken and pragmatic, in contrast to Ma's flamboyance. ($1 = 6.8783 Chinese yuan renminbi) (Reporting by Josh Horwitz in Shanghai and Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta and Susan Fenton)