Alibaba misses revenue estimates as e-commerce growth slows, regulatory crackdown persists


BENGALURU (Reuters) - China's Alibaba Group Holding Ltd missed analyst estimates for first-quarter revenue on Tuesday, as its e-commerce business was hurt by rising competition from smaller players such as JD.Com Inc and Pinduoduo Inc.

Alibaba's results mirror those of e-commerce giant Amazon.com Inc in the United States, as the easing of pandemic-related restrictions has led to more consumers visiting physical stores rather than ordering online.

Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Alibaba

   

Next In Business News

Oil trades in tight range ahead of US election
China shares jump, dollar skittish with all eyes on US Election Day
Bank Negara unveils key principles to harness Islamic finance for economic growth
Aneka Jaringan unit secures RM39mil contract for KL project
Xin Hwa says transport unit's vehicle operator licence suspended
T7 Global unit bags ExxonMobil contract
FBM KLCI lifts as investors shop for oversold blue chips
Australia's central bank holds rates, stays vigilant on inflation
Toyota to post first profit drop in 2 years as demand cools after big run
China's services activity picks up as conditions improve, Caixin PMI shows

Others Also Read