Day: May 22, 2020

Alibaba executive tells investors not to worry about US delisting

HONG KONG/NEW YORK — With the coronavirus pandemic weighing down operations and investments, Alibaba Group Holding has reported its first quarterly profit decline since 2016.

Revenue in what Chief Financial Officer Maggie Wu called “a challenging quarter” rose 22.3% in the quarter to March 31 to 114.31 billion yuan ($16.08 billion) from a year earlier. That was slightly above the market consensus of 107 billion yuan, as surveyed by Refinitiv, but represented the slowest growth in at least four years.

The company reported net income of 348 million yuan during the same period, a decline of 98.5%. Operating income fell

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Skittles returns to controversial colorless packaging in honor of LGBTQ Pride

Dive Brief:

  • In June, Skittles will again remove its signature rainbow design from packaging and the color from its candies to recognize LGBTQ Pride month, according to an announcement.
  • Part of a “Give the Rainbow” campaign, the revamped Pride Packs from the Mars candy brand come in gray and white, with labeling that reads, “Only one rainbow matters during Pride,” reflecting a message shared in years past around Pride. The limited-edition offering, previously sold in Canada, Germany and the U.K., will be available at CVS and select Walmart stores in the U.S.
  • Skittles partnered with GLAAD to donate $1
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Mitsubishi Heavy to halt SpaceJet mass production and halve staff

TOKYO — Mitsubishi Heavy Industries will sharply scale down its long-troubled SpaceJet program as it faces a global drop in demand for the planned Japanese-made regional jet amid the coronavirus pandemic, Nikkei has learned.

Subsidiary Mitsubishi Aircraft will halt plans for mass production of the 90-seat plane owing partly to delays in parts deliveries, according to an internal notice sent to staff.

The pandemic, which has stalled the process for receiving type certification — a test of the plane’s airworthiness — has thrown up another obstacle to a aircraft program beset by design changes and other setbacks.

Mitsubishi Aircraft will

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Bodyarmor’s new campaign may signal a return to OOH post-pandemic

Dive Brief:

  • Sports drink Bodyarmor this week is launching its largest advertising campaign, including a TV spot, digital and social assets, as well as out-of-home (OOH) and in-store components, the company shared with Marketing Dive.
  • The beverage brand, which is partially owned by Coca-Cola, is working with seven famed athletes for the promotion: James Harden, Mike Trout, Megan Rapinoe, Dustin Johnson, Naomi Osaka, Carlos Vela and Skylar Diggins-Smith. Actor Michael B. Jordan does the voiceover for the TV spot.
  • The theme of the creative is that “no matter who you are, only you can make you better” and encourages hard
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