Table of Contents

• Alibaba

• Klarna

Top Stories Today

Economy & Finance

Alibaba

Alibaba missed expectations for the June 2024 quarter, facing challenges in its core e-commerce business due to rising competition and cautious consumer behavior in China. Revenue increased by 4% year over year to 243.24 billion yuan, but net income fell by 29%, driven by lower operational income and increased impairments. CEO Eddie Wu is focusing on stabilizing the China e-commerce business, emphasizing third-party merchants on platforms like Taobao. Meanwhile, Alibaba's international e-commerce and cloud computing divisions showed growth, with cloud revenue rising by 6% and AI-related product sales growing at triple digits year over year.

Technology

Klarna

Klarna, a financial technology company best known for its buy now, pay later services, is expanding into traditional banking with new products like a checking account-like feature and a cashback program. These offerings, available in 12 markets including the U.S. and Europe, encourage users to manage their finances within the Klarna app. The "balance" feature allows users to store money, make instant purchases, and pay off loans, while the "cashback" feature offers up to 10% rewards on purchases. This marks Klarna's deeper push into traditional banking as it prepares for a potential U.S. IPO.

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