The logo at the headquarters of Alibaba Group Holding Ltd. in Hangzhou, China, Friday, Aug. 2, 2024.
Shen Qilai | Bloomberg | Getty Images
Alibaba It missed revenue and profit expectations for the June 2024 quarter as its core e-commerce business continued to face headwinds due to intensifying competition and cautious Chinese consumers.
As of 06:43 a.m., Alibaba shares were down about 3.20% in U.S. pre-market trading
Here’s how Alibaba’s June quarter performance compares to London Stock Exchange Group forecasts:
- income: 243.24 billion yuan (US$34.01 billion), compared with expectations of 249.05 billion yuan.
- net income: 24.27 billion yuan, expected to be 26.91 billion yuan.
Alibaba has been looking to reignite growth after a tumultuous 2023, when it implemented its largest-ever Corporate structure reform. High-profile changes in management followed, with Eddie Wu taking over as chief executive in September.
The e-commerce giant has been grappling with wary Chinese consumers and growing competition from rivals Jingdong and Temu’s master PDD.
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