Office Depot is surging after announcing it's teaming up with Alibaba
Alibaba and Office Depoton Monday announced a strategic collaboration.
The collaboration will leverage Office Depot 's relationships with more than 10 million US business customers and Alibaba's global network of over 150,000 suppliers.
Their goal is to empower US small- and medium-sized businesses to grow by tapping into the $23.9 trillion global business-to-business e-commerce marketplace.
Office Depot shares surged 11% Monday morning to $3.95 apiece after the company announced a strategic collaboration with Alibaba, China's biggest e-commerce site.
The collaboration will leverage Office Depot's relationships with more than 10 million US business customers and Alibaba's global network of over 150,000 suppliers. Their goal is to empower US small- and medium-sized businesses to grow by tapping into the global business-to-business e-commerce marketplace, which was most recently valued at $23.9 trillion by the US International Trade Commission, according to a press release.
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"As a trusted partner to millions of businesses, our customers tell us they want more choice in the market and need an expanded set of products and services to help their businesses grow," Gerry Smith, CEO of Office Depot, said in the press release. "We believe our collaboration with Alibaba.com is exactly what they are asking for."
Office Depot reported earnings of $0.09 a share in the fourth quarter, topping the Wall Street consensus of $0.08, according to Bloomberg data. It generated $2.67 billion of revenue, just shy of the $2.68 billion that was expected.
Shares were up 52% in the past year.
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