Alibaba Earnings Forecast Slashed on Weak Consumer Spending
- Consensus 12-month profit view declines 5% since late Sept.
- Daiwa sees “challenging” quarter on weak consumer spending
The Alibaba Group Holdings Ltd. headquarters in Hangzhou, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Just as investors are watching whether a flurry of earnings reports due next month could revive Chinese technology shares, analysts slashed their forecasts on Alibaba Group Holding.
The company is expected to report on November 5, a week before China’s busiest online shopping festival that’s dubbed “Singles’ Day.” Analysts have lowered their consensus 12-month earnings projection by nearly 5% over the past three weeks to the lowest since July 2020, Bloomberg-compiled data show, amid weak momentum in domestic consumer spending.