Alibaba Group Holding Limited

BABA

US01609W1027

Internet Services

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China's e-commerce giant Alibaba misses first-quarter revenue estimates

Published on 08/15/2024 at 06:31 am EDT

Reuters

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ALIBABA GROUP HOLDING LIMITED

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China's e-commerce giant Alibaba misses first-quarter revenue estimates

Aug 15 (Reuters) - Alibaba Group Holding missed market expectations for first-quarter revenue on Thursday, as the company's domestic e-commerce sales came under pressure from cautious spending by Chinese consumers in a faltering economy.

The company reported revenue of 243.24 billion yuan ($33.98 billion) in the quarter ended June 30, compared with analysts' average estimate of 249.05 billion yuan, according to LSEG data.

($1 = 7.1584 Chinese yuan renminbi) (Reporting by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Editing by Sriraj Kalluvila)

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Company Profile

Alibaba Group Holding Ltd is an investment holding company mainly engaged in the provision of technology infrastructure and marketing platforms. The Company operates its business through four segments. The Alibaba China E-commerce Group segment is mainly engaged in E-commerce business, including operating Tmall Supermarket and Tmall Global, providing customer management services, product sales, as well as logistics services. It also operates quick commerce business such as Taobao Instant Commerce and Ele.me, as well as the China commerce wholesale business through 1688.com. The Alibaba International Digital Commerce Group segment is mainly engaged in international commerce retail and wholesale business, operating platforms such as AliExpress, Trendyol, Lazada and Alibaba.com. The Cloud Intelligence Group segment mainly provides public and non-public cloud services. The Other segments primarily include the operations of Freshippo, Cainiao, Alibaba Health and other business.

Employees

131,462

Sector

Internet Services

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