Alibaba revenue edges up to US$33.5 billion but misses estimates in June quarter
- The tech giant’s revenue grew 4 per cent, while profits were down 29 per cent to US$3.3 billion, as it seeks to shore up e-commerce and cloud services
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Profits fell 29 per cent to 24.3 billion yuan, worse than the 30.4 billion yuan expected by analysts. The company’s adjusted EBITA, a measure under non-generally accepted accounting principles, dropped 1 per cent year on year to 45 billion yuan in the quarter, beating the consensus estimate of 42.6 billion yuan.
“Our results this quarter demonstrated our strategy at work. Our focus on enhancing user experience by offering quality products at attractive prices with great service led to stabilising market share of Taobao and Tmall Group, as we returned the business on the growth trajectory,” Alibaba CEO Eddie Wu Yongming said in a statement on Thursday. “The cloud business achieved positive revenue growth momentum, driven by public cloud and AI-related product adoption, as we continue to invest to maintain our market leadership.”
![The logos of Alibaba’s main domestic e-commerce apps, Taobao and Tmall, are displayed on smartphones. Photo: Reuters The logos of Alibaba’s main domestic e-commerce apps, Taobao and Tmall, are displayed on smartphones. Photo: Reuters](https://img.i-scmp.com/cdn-cgi/image/fit=contain,width=1024,format=auto/sites/default/files/d8/images/canvas/2024/08/15/3622049c-622c-4b3f-86c7-eabfd9f426a7_c79ce972.jpg)
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