Signage at the Alibaba Group Holding Ltd. headquarters in Hangzhou, China, on Friday, Aug. 2, 2024.
Qilai Shen | Bloomberg | Getty Images
Alibaba missed top and bottom line expectations for the June quarter of 2024 as it continues to face headwinds in its core e-commerce business amid rising competition and a cautious Chinese consumer.
Shares of Alibaba fell around 3.20% at 06:43 a.m. in premarket trade in the U.S.
Here’s how Alibaba did in the June quarter versus LSEG estimates:
- Revenue: 243.24 billion Chinese yuan ($34.01billion) versus 249.05 billion yuan expected.
- Net income: 24.27 billion yuan versus 26.91 billion yuan expected.
Alibaba has been looking to reignite growth after a tumultuous 2023, when it carried out its largest-ever corporate structure overhaul. This was followed by high-profile management changes, with Eddie Wu taking over the reins as chief executive in September.
The e-commerce giant has been grappling with a cautious Chinese consumer, along with increased competition from rivals such as JD.com and Temu owner PDD.
This is a breaking news story. Please check back for more.
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