Alibaba revenue grows at weakest pace in three years as slowing China bites
The e-commerce company misses third quarter estimates amid pressure from the Sino-US trade war
Shanghai — E-commerce giant Alibaba’s quarterly revenue grew at its weakest pace since 2016, as the impact of a slowing Chinese economy and a crippling Sino-US trade war kept buyers away during its top-sale season. The result is likely to add to investor worries as it highlights the mounting pressures facing the e-commerce behemoth, whose sales are often seen as a yardstick of consumer spending in the world’s second-largest economy. Alibaba, the second most valuable public company in Asia after Tencent, posted on Thursday third-quarter revenue of 117.28- billion yuan ($17.47bn), compared with 83-billion yuan a year earlier. That compares with an estimate for revenue of 118.9-billion yuan from 31 analysts polled by Refinitiv. Net income rose 33% to 30.96-billion yuan, however, beating estimates and sending Alibaba’s stock up by 2% in premarket trade. Alibaba typically posts its highest revenue in the December quarter due to its mega “Singles’ Day” in November — the world’s biggest on...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.