Signage on the headquarters of Alibaba Group Holding Ltd. in Hangzhou, China, on Friday, August 2, 2024.
Qilai Shen | Bloomberg | Getty Images
Alibaba Revenue and earnings expectations for the June 2024 quarter were missed as the corporate continues to face headwinds in its core e-commerce business amid increasing competition and cautious Chinese consumers.
Alibaba shares fell around 3.20% in premarket trading within the US at 6:43 a.m.
Here’s how Alibaba performed within the June quarter in comparison with LSEG estimates:
- Revenue: 243.24 billion Chinese yuan (34.01 billion US dollars) in comparison with the expected 249.05 billion yuan.
- Net income: 24.27 billion yuan in comparison with expected 26.91 billion yuan.
Alibaba is attempting to reignite growth after a turbulent 2023, when it undertook the most important restructuring of its corporate structure. That was followed by high-profile management changes, with Eddie Wu taking the reins as CEO in September.
The e-commerce giant is combating a cautious Chinese consumer, together with increasing competition from rivals corresponding to JD.com and Temu owner Traffic rules.
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