Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
Uber (NYSE:UBER) has reached an agreement to acquire Drizly in a $1.1B cash and stock deal.
Drizly works with thousands of local merchants and delivers alcohol in 1,400 cities across the United States.
After the deal closes, Drizly will become a wholly owned subsidiary of Uber. Drizly will be integrated into the Uber Eats app but the standalone app will continue to exist.
“Wherever you want to go and whatever you need to get, our goal at Uber is to make people’s lives a little bit easier. That’s why we’ve been branching into new categories like groceries, prescriptions and, now, alcohol. Cory and his amazing team have built Drizly into an incredible success story, profitably growing gross bookings more than 300 percent year-over-year. By bringing Drizly into the Uber family, we can accelerate that trajectory by exposing Drizly to the Uber audience and expanding its geographic presence into our global footprint in the years ahead,” says Uber CEO Dara Khosrowshahi.
Uber expects that about 90% of the consideration will be paid with Uber shares and cash will make up the rest.
The deal is expected to close in H1 2021.
Alphabet is jumping postmarket (GOOG +6.1%, GOOGL +6.4%) after easily surpassing fourth-quarter earnings expectations with a quarter showing a healthy rebound in ad spending and broad revenue gains companywide.
Revenues soared 23.5% overall to $56.9%, and operating income jumped 69% to $15.65B.
Net income meanwhile jumped to $15.23B from the prior-year $10.67B.
Higher revenues were driven by Search and YouTube as consumer/business activity rebounded from the pandemic onset.
Google Cloud saw a substantial uptick in revenues, but was a drag on operating income, losing $1.24B for the quarter (and losing $5.6B in fiscal 2020).
“Our strong results this quarter reflect the helpfulness of our products and services to people and businesses, as well as the accelerating transition to online services and the cloud,” says CEO Sundar Pichai.
Revenue by segment: Google Search & other, $31.9B (up 17.4%); YouTube ads, $6.89B (up 46%); Google Network Members’ properties, $7.41B (up 22.9%); Google other, $6.67B (up 26.8%); Google Cloud, $3.83B (up 46.6%); Other Bets, $196M (up 14%).
Operating margin rose to 28% from a year-ago 20%. Traffic acquisition costs rose to $10.47B from $8.5B.
When Alibaba (NYSE:BABA) reported earnings this morning, the Chinese tech giant revealed receiving RMB 4.8B in profit from fintech Ant Group.
Alibaba owns a roughly 33% stake in Ant, which means Ant’s profits for the corresponding quarter totaled about RMB 14.5B or $2.3B.
Ant Group, majority owned by former Alibaba chairman Jack Ma, was scheduled for a record-breaking $35B IPO dual listing. But China blocked the offering after Ma publicly criticized regulators.
During the Alibaba earnings call, CEO Daniel Zhang said there’s “substantial uncertainty” related to Ant’s business.
Regarding Alibaba’s own antitrust probe, the company says it will set up a task force to review some of its businesses.
Background: Alibaba’s core commerce drives FQ3 beats; Cloud profitable for first time.
Alibaba shares are currently down 2.5%. .
Reports have suggested that Ant Group will restructure as a financial holding company to appease regulators.
