Alibaba earnings miss expectations despite cloud acceleration
Publishing timestamp: 2024-08-15 22:25:26
Summary
Alibaba missed expectations for the June quarter of 2024 due to competition and cautious Chinese consumers. CEO Eddie Wu is working to stabilize the core e-commerce business. Revenue was down 4% year on year, while net income dropped 29%. The company is focusing on third-party merchants and new monetization features to drive growth. The cloud computing division saw a 6% increase in revenue and a 155% rise in adjusted EBITA. Investors are watching closely as Alibaba looks to reignite growth.
Sentiment: MIXED
Tickers: 9618-HK, BABA, PDD, JD,
Keywords: e-commerce, technology, cloud computing, china, business news, alibaba group holding ltd, jd.com inc, internet, breaking news: technology, pdd holdings inc, earnings, retail industry, breaking news: asia,