Alibaba revenue edges up to US$33.5 billion but misses estimates in second quarter

Quick Summary:

The e-commerce 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.

Wu, who took over as group chief executive last September, promised last year that the company will invest in revolutionary products, nurture new businesses and find new drivers of growth within a “three-year window”.

Alibaba claimed in the latest earnings report that it delivered “strong online gross merchandise value [GMV] growth year over year” for the festival, but it did not reveal overall numbers.

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Article Details

Author / Journalist: Ann Cao

Category: Business

Markets: Hong KongChinaSingapore

Topics: Cent Billion Revenue Alibaba Yuan Growth Quarter Group Year E-commerce Cloud

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-15 @ 18:55:28 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 869 words

Reading Time: 5 minutes read

Sentences: 31 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22086163

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