Alibaba Group Holding Ltd said on Thursday that its fourth-quarter sales increased by 2%, falling short of forecasts.<\/p>\n\n\n\n
The 208.20 billion yuan ($30.12 billion) in revenue for the three months ended March compared to a Refinitiv average forecast of 210.3 billion yuan based on 26 analysts.<\/p>\n\n\n\n
Chinese consumer spending has picked up some traction since the nation abandoned harsh zero-COVID restrictions late last year, but it is still relatively modest in the midst of a shaky economic recovery.<\/p>\n\n\n\n
Alibaba revealed intentions to split into six entities earlier this year, following a two-year government crackdown on China’s internet sector. Except for its China-facing e-commerce company, it expects all of its subsidiaries to seek outside investment and go public.<\/p>\n\n\n\n
Ordinary shareholders’ net income was 23.52 billion yuan, compared to a loss of 16.24 billion yuan.<\/p>\n\n\n\n
Revenue increased 2% year on year to 868.69 billion yuan, the slowest rate of growth since the business went public in 2014.<\/p>\n\n\n\n
In addition to low consumer spending, Alibaba has struggled to recruit new customers as China’s e-commerce market develops and new competitors such as PDD Holdings and Douyin, the Chinese counterpart of TikTok owned by ByteDance, make inroads.<\/p>\n\n\n\n
<\/p>\n\n\n\n
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Alibaba Group Holding Ltd said on Thursday that its fourth-quarter sales increased by 2%, falling short of forecasts. The 208.20 billion yuan ($30.12 billion) in revenue for the three months ended March compared to a Refinitiv average forecast of 210.3 billion yuan based on 26 analysts. Chinese consumer spending has picked up some traction since …<\/p>\n","protected":false},"author":9,"featured_media":62504,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[9718,7113],"class_list":["post-84231","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-alibaba-group","tag-earnings"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84231"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84231\/revisions"}],"predecessor-version":[{"id":84233,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84231\/revisions\/84233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/62504"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}