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Alibaba misses earnings estimates in December quarter amid challenging economy, increased competition
Chinese e-commerce giant Alibaba Group Holding reported lower-than-expected financial results in the December quarter, as the Hangzhou-based company grappled with challenging economic conditions and growing competition from new entrants in the online shopping sector.
Net profit fell 77 per cent to 10.7 billion yuan (US$1.5 billion) in the three months ended December 31, the company announced on Wednesday after the close of trading in Hong Kong. That was lower than the 38.16 billion yuan consensus estimate from analysts surveyed by Bloomberg. Alibaba owns the South China Morning Post
Revenue rose 5 per cent to 260.35 billion yuan billion yuan in the quarter, missing analysts’ consensus estimate of 261.25 billion yuan, and slower than the 9 per cent growth seen in the September quarter.