Alibaba posts lower profit as revenue rises 9% in fiscal first quarter

President Donald Trump signed a new policy Thursday aimed at growing U.S. space launches and expanding re-entry capacity, including directing agencies to consider federal land for new launch sites.

The U.S. is reportedly planning to cut tariffs on Canadian auto imports into the country to 15%, with Steel and Aluminum tariffs being reduced to 25% as the deadline to reach an agreement looms.

California Gov.

Gavin Newsom slammed President Donald Trump as the ongoing tensions with Iran over the Strait of Hormuz continue to affect oil and fuel prices in the U.S.

Economist Mohamed El-Erian said the U.S.

Treasury Department’s surprise move to double its bond buybacks this week is a short-term fix that does nothing to address the root causes of soaring long-term interest rates and the federal government’s mounting debt and deficits.

Retail, Gaming & Financial Services Walmart Inc. (NASDAQ: WMT ) Walmart reported adjusted earnings of 81 cents per share, beating the consensus estimate of 74 cents.

Sales reached $187.9 billion, topping the $186.8 billion estimate.

The company said that customers using its artificial intelligence (AI) assistant Sparky spend 40% more per order than those who don’t, highlighting the retailer’s growing push to turn AI into a shopping and sales tool.

Amazon.com Inc. ‘s (NASDAQ: AMZN ) Prime Air, a drone delivery service, is set to expand its operations to nearly 500 cities and towns across the U.S. by the end of 2026.

Amazon said Tuesday it increased its planned investment in northwest Louisiana to $18 billion from $12 billion.

The expansion includes a third data center campus in Shreveport.

A recent report says Stripe and Advent International are in talks to buy PayPal Holdings, Inc. (NASDAQ: PYPL ) after a July proposal of $60.50 per share was viewed as too low, with negotiations now centered on a potentially higher price.

NetEase Inc. (NASDAQ: NTES ) reported mixed second-quarter results, as revenue topped Wall Street expectations but adjusted earnings missed estimates.

Alibaba (NYSE: BABA ) reported fiscal first-quarter 2027 revenue of $39.64 billion, up 9% year over year and above the $38.63 billion analyst estimate.

However, adjusted earnings per ADS fell 42% to $1.26, missing expectations of $1.85.

Adjusted net income declined 38% to $3.05 billion, while adjusted EBITA fell 30% to $4.03 billion.

Net income plunged 75% to $1.54 billion.

Futu Holdings Limited (NASDAQ: FUTU ) reported revenue of $918.16 million, beating the analyst estimate of $775.99 million.

Revenue rose 35.6% year over year to 7.20 billion Hong Kong dollars, while gross profit increased 33.9% to 6.21 billion Hong Kong dollars ($792.5 million).

Nokia (NYSE: NOK ) plans to cut most of its mainland China workforce and close operational sites in stages by year-end, the South China Morning Post reported, citing sources familiar with the matter.

Software, Technology & Semiconductor Meta Platforms, Inc. (NASDAQ: META ), Alphabet Inc.’s (NASDAQ: GOOG ) (NASDAQ: GOOG ) Google and Snap Inc. (NYSE: SNAP ) scored a major legal reprieve after a 15-year-old New Jersey girl dropped her lawsuit alleging their social media platforms contributed to addiction, depression and self-harm.

A California trial is putting Meta’s legal exposure back in focus after 29 state attorneys general accused the company of illegally collecting children’s data and misleading consumers about safety, with U.S.

District Judge Yvonne Gonzalez Rogers set to decide the case alongside a nonbinding advisory jury verdict.

Meta has said potential damages could reach $1.4 trillion.

NVIDIA Corp. (NASDAQ: NVDA ) is exploring a potential partnership with South Korean AI chip startup Rebellions as CEO Jensen Huang continues to broaden the company’s reach across the AI ecosystem through technology agreements and investments.

India has reportedly ordered Alphabet Inc. ‘s (NASDAQ: GOOG ) (NASDAQ: GOOGL ) Google to shut down hundreds of Firebase accounts after officials linked the platform to a wave of bank-impersonation scams.

SK hynix Inc. (NASDAQ: SKHY ) is considering a potentially large manufacturing expansion in Japan as it evaluates ways to increase memory-chip capacity amid rising global demand.

Also, the South Korean memory chipmaker’s announcement of plans to buy back and cancel 40 trillion won ($29 billion) worth of its treasury stock.

Broadcom Inc. (NASDAQ: AVGO ) is discussing a financing package with lenders that could include $60 billion to $70 billion of senior secured debt and roughly $30 billion of junior debt, according to people familiar with the matter.

The structure could bring the total financing to as much as $100 billion.

Former Alphabet Inc.’ s (NASDAQ: GOOG ) (NASDAQ: GOOGL ) Google software engineer Linwei Ding received a major legal reprieve after a federal judge overturned his economic espionage convictions.

The U.S. bankruptcy court has delayed a hearing on Alphabet Inc. ‘s (NASDAQ: GOOGL ) (NASDAQ: GOOG ) Google ‘s proposed $10 million purchase of Spirit Aviation Holdings Inc. ‘s (OTC: FLYYQ ) internal business data.

Analog Devices, Inc. (NASDAQ: ADI ) reported fiscal third-quarter revenue of $4.02 billion, up 40% year over year and above the $3.92 billion consensus estimate.

The quarter marked the company’s first time topping $4 billion in revenue.

Palo Alto Networks, Inc. (NASDAQ: PANW ) formed its first strategic alliance of this kind with a global systems integrator, NTT DATA.