Alibaba's earnings fall short, shares drop 3%

From CNBC: 2024-08-15 06:43:28

Alibaba missed revenue and net income expectations for the June quarter of 2024 due to competition in its core e-commerce business. Shares fell by 3.20% in premarket trade. Revenue was 243.24 billion Chinese yuan, lower than the expected 249.05 billion yuan, while net income was 24.27 billion yuan versus the expected 26.91 billion yuan.

After a tumultuous 2023, Alibaba has been working on reigniting growth following a corporate structure overhaul. Eddie Wu took over as CEO in September. The company faces challenges from a cautious Chinese consumer and increased competition from rivals like JD.com and PDD. Stay tuned for updates on this developing story.



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