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Alibaba with solid business – US court helps Uber

Alibaba presented its latest quarterly results and managed a significant jump in sales, which was topped by profit growth. The driving service agent Uber can avert the legal problems with the classification of their drivers.

The most important things about Alibaba and Uber in advance:

  • Alibaba with a strong cloud business
  • Uber can continue its business model

The online retailer Alibaba, like Amazon, is one of the winners of the coronavirus pandemic. The development at Alibaba is similar to that of Amazon, which is not only evident from the good quarterly figures. The growing trend towards online shopping and working from home during the Corona crisis brought Alibaba a jump in sales of around a third to 148 billion yuan, equivalent to around 18.8 billion euros, in the first quarter of the 2020/2021 financial year. The cloud business grew particularly strongly, as Alibaba announced. This area is also one of the fastest growing on Amazon.

The profit rose even more clearly than the proceeds: According to Alibaba, the net result in the past quarter was 47.59 billion yuan, which corresponds to about 5.7 billion euros. A year ago, the group had reported a profit of 21.25 billion yuan. Analysts’ expectations beat Alibaba in terms of both revenue and net income.

Products on Alibaba Group ADS

The position of subcontractors in the economy has recently been an issue not only in Germany, but also in the USA. It is about the role of the driver in the transport service providers Uber and Lyft. The reason is a decision by a California judge that such ridesharing platforms require active drivers in the state to be treated by law as employees rather than independent contractors. Initially, Uber and Lyft had threatened to discontinue their offer, Lyft then temporarily followed up on this threat. Both companies took action against the judge’s decision.

Now a California appeals court has saved the driver service providers from having to classify their drivers as employees. Rather, they could, according to the information, continue to be treated as a subcontractor – until the actual procedure is decided. As employees, the drivers have a right to a minimum wage and paid sick days.

Products on Uber

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Source: HSBC

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