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E-commerce giant $BABA posted 1Q17 net income of $1,075MM or $0.44 per share compared to $4,970MM or $1.92 per share in 1Q16, which included a non-recurring deemed disposal gain of RMB24,734MM arising from deconsolidation of Alibaba Pictures. Revenue for the quarter grew 59% to $4.84Bil. Excluding items, $BABA earned $0.74 per share.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.