Alibaba Group Holding's
Alibaba.com Business Edge Credit Card is the company's first co-branded U.S. credit card for small business owners.
This new credit card will enable Alibaba.com buyers in the U.S. to earn rewards on all purchases through cashback or special financing terms.
Amongst the benefits that the new card offers businesses are a choice of 3% cashback or 60-day interest-free payment terms on purchases of up to $40,000 made on Alibaba.com per year.
After that, cardholders will continue to earn 1% cashback on purchases made on the platform. For purchases made outside of the platform, cardholders will earn 2% cashback on other business expenses, such as advertising and dining and 1% on all other purchases where Mastercard is accepted.
Alibaba had reported fiscal first-quarter 2024 topline growth of 4% year-on-year to $33.47 billion, missing the analyst consensus estimate of $34.81 billion. Alibaba International Digital Commerce Group's revenue climbed by 32% to $4.03 billion.
Alibaba Group stock, which has lost 13% in the last 12 months, remains engaged in multiple initiatives to recover from the domestic regulatory crackdown, domestic economic weakness, intense domestic e-commerce rivalry, and U.S. semiconductor sanctions on China.
Alibaba's growth initiatives included opening up its "walled gardens" to accept WeChat payments for its Taobao and Tmall platforms and forming Hangzhou Taobao and Tmall Digital Technology Co, which focuses on the import and export of goods and other services.
Investors can gain exposure to Alibaba through John Hancock Multifactor Emerging Markets ETF
Price Action: BABA stock is down 0.75% at $81.82 premarket at the last check Friday.
