Alibaba Stock Soars As New Service Fees Boost Revenue

Quick Summary:

Starting in September, Alibaba will implement a basic software service fee of 0.6% on confirmed transactions for vendors using its Tmall and Taobao platforms, Bloomberg reports.

Alibaba Group Holding Ltd (NYSE:BABA) shares surged the most in two months as investors welcomed the company’s new strategy to increase merchant service fees.

Following the announcement of this new revenue model, the stock jumped as much as 5.8% in Hong Kong and close to 3% in the U.S.market.

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Author / Journalist: Anusuya Lahiri

Category: Technology

Markets: United StatesHong Kong

Topics: US0186062024 Briefs BZ Data Project Movers Media AVEM Emerging Markets Top Stories Tech JD PDD Stories That Matter AIQ BABA Stock Battles AI Generated Benzinga News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-29 @ 10:53:37 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 300 words

Reading Time: 2 minutes read

Sentences: 14 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © Benzinga

News ID: 21822573

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