Alibaba Group Holding Ltd (BABA)

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4 Tech Stocks to Buy Now
By: 24/7 Wall St. | August 13, 2024

• Alibaba

Chinese e-commerce giant Alibaba (NYSE: BABA) might’ve dropped off investors’ radar in recent months following internal management problems, growing regulatory concerns, and ongoing tension between Chinese companies and Western economies, primarily led by the United States.

However, things are in a turnaround stage for the company which dominates roughly 45% of the Chinese online shipping market. For starters, the company’s new CEO Eddi Wu has introduced a plan to put customers at the center instead of merchants, which in the long run could bolster consumer support.

Quarterly and fiscal 2024 results showed that the company delivered strong revenue growth of 7% year-over-year (YoY), or $30.72 billion. BABA has moved sideways this year, with stocks down 0.23% year-to-date (YTD), with some momentum during recent months as the company looks to present a positive turnaround plan.

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