Chinese e-commerce giant Alibaba said it now owns a 33% stake in its financial services affiliate Ant Financial, which operates the Alipay digital payment service. Alibaba had announced the plan to take the stake in Ant last year, but it had to wait for China’s regulators to approve its ownership. The new equity ownership replaces the two companies’ previous agreement under which Ant shared...
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How Activists Proved to be Salesforce’s ‘Superpower’
These corporate efficiency initiatives really work! Salesforce’s April-quarter earnings report Wednesday showed an operating profit of $412 million, a 5% margin, compared with $20 million a year earlier, which equated to a margin of 0.27%. The reason was lower expenses—research and development costs fell 8.4% while marketing expenses dropped 6.5%—even as revenue rose 11%. Cutting costs to lift...
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