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China's ecommerce giant Alibaba misses first-quarter revenue estimates

Economic TimesEconomic Times · 2m
China's ecommerce giant Alibaba misses first-quarter revenue estimates

Alibaba Group's first-quarter revenue fell short of expectations due to sluggish domestic e-commerce sales in China's weakening economy. The company's U.S.-listed shares dropped about 4% in premarket trading. A slow post-COVID recovery, weak property market, and high job insecurity have dampened consumer confidence and spending power in China, impacting global businesses. Alibaba is also facing tough competition from rivals like JD.com and discount-focused platforms such as Pinduoduo and Douyin. The company reported revenue of 243.24 billion yuan ($33.98 billion) for the quarter, missing analysts' average estimate of 249.05 billion yuan. Net income also declined compared to the previous year.

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