Alibaba Sales Shrink but Beat Estimates in Rocky Economy
(Bloomberg) — Alibaba Group Holding Ltd. reported its first quarterly sales decline but beat analysts’ estimates, avoiding a sharp sales contraction despite a rocky Chinese economy that’s sapping consumer sentiment nationwide.
Revenue slid for the first time on record in the June quarter, though by an amount that was less than analysts projected. Sales by Alibaba’s core China commerce division declined 1%. The contraction marked an official end to a decade of sizzling growth for China’s internet giants, which began to wind down in 2021 when regulators slapped curbs on a range of sectors from e-commerce to social media.
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