Alibaba’s Sluggish Growth in China Commerce Drags Down Results
- Overall revenue just missed the average analyst estimate
- Alibaba echoes Tencent, JD in voicing optimism on the economy
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Alibaba Group Holding Ltd. reported anemic growth in its core Chinese e-commerce business in the September quarter, dragging down financial results that benefited from progress in its international and cloud divisions.
Overall sales rose about 5% after the internet pioneer’s domestic e-commerce operation eked out just 1% growth, slightly weaker than analysts anticipated. The international division, which encompasses Lazada and the Temu-like AliExpress, expanded retail revenue 35% — again outshining all other segments. The cloud unit’s revenue growth accelerated to more than 7%, suggesting it’s beginning to claw back market share lost to state rivals.