Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
Alibaba Group’s (NYSE:BABA) revenue for the quarter ended June 30, 2020 of RMB 153.8B ($21.8B) grew 34%, mainly driven by robust growth in its China commerce retail and cloud computing businesses.
Fiscal Q1 non-GAAP earnings per ADS of RMB 14.82 ($2.10) rose 18% from RMB 12.55 in the year-ago quarter.
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Annual active consumer in its China retail marketplaces reached 742M, up 16M from the 12-month period ended March 31, 2020.
Mobile MAUs on its China retail marketplaces reached 874M in June 2020, up 28M vs. March 2020.
Q1 adjusted EBITDA was RMB 51.0B, up 30% Y/Y.
BABA +0.2% in premarket trading.
Q1 revenue by segment:
Core commerce revenue of RMB 133.3B vs. RMB 99.5B a year ago.
Cloud computing RMB 12.3B vs. RMB 7.79B.
Digital media and entertainment RMB 7.00B vs. RMB 6.43B.
Innovation initiatives and others RMB 1.09B vs. RMB 1.17B.
Lyft (NASDAQ:LYFT) and Uber (NYSE:UBER) are jumping again after they’ve won a reprieve in California, amid media reports that the order on classifying its drivers as employees rather than contractors has been delayed.
LYFT is +4.3% now, UBER +5.6%.
The appeals court has granted a temporary stay, allowing an appeal from the ride-sharing companies to play out – and for operations to continue in the state in the meantime.
Earlier, Lyft announced its intention to suspend service in California at midnight.
Work-from-home tech and cloud computing stocks are rising, benefiting from money flowing into familiar lockdown winners with a lack of leadership in other sectors.
Fastly (FSLY, +11.5%) is leading cloud names. The stock plunged earlier this month after CEO Joshua Bixby identified TikTok as the company’s largest single customer, accounting for 12% of H1 revenue.
But there are now two potential suitors for TikTok, with Microsoft joined by Oracle, who got a nod from President Trump as a good fit.
The edge cloud platform company still has more than 20% to go until shares are back where they were before the TikTok selloff, around $109.
Edge computing also got a nod from Nvidia’s conference call, where CFO Colette Kress highlighted the company’s new EGX Edge AI platform. While new entrants mean increased competition, they also illustrate the potential for the space. Fastly said in its latest 10Q that such increased competitions could lead to takeovers and strategic partnerships.
Other cloud stocks on the move include cloud security company Zscaler (ZS, +6.4%) and Datadog (DDOG, +4.5%).
The First Trust Cloud Computing ETF (NASDAQ:SKYY) is up 1.3%. The WisdomTree Cloud Computing ETF (NASDAQ:WCLD) is up 2.9%.
Facebook (NASDAQ:FB) has won preliminary approval from a federal court to settle a lawsuit charging the company with illegally collecting and storing users’ biometric data without consent.
Illinois users accused the social-media company of violating the state’s Biometric Information Privacy Act. That accusation was linked to Facebook’s “Tag Suggestions” feature, which allowed users to recognize Facebook friends from previously uploaded photos.
Last month Facebook raised its settlement offer by $100M, to $650M, and that revision resolved the court’s concerns.
Twist Bioscience (NASDAQ:TWST) announces that an episode of Neflix’s “Biohackers” has been stored in its synthetic DNA.
Presently, the company makes more than 1M small pieces of DNA on a single silicon chip for data storage. It is working on a next-generation product that will allow it to synthesize or write 10 gigs of DNA on one chip, significantly reducing the cost.
To store data on DNA, the file’s “0 and 1” digital sequence is converted into a DNA sequence of As, Cs, Ts and Gs then encoded into short segments of the molecule (200 – 300 bases) that can be synthesized and stored.
