Home Capital China Focus

Alibaba sales beat estimates, defying economic turmoil

Bloomberg8/4/2022 07:48 PM GMT+08  • 3 min read
Alibaba sales beat estimates, defying economic turmoil
Photo: Bloomberg
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Alibaba Group Holding logged better-than-projected quarterly revenue, after the e-commerce giant fought to course-correct while navigating both US and Chinese regulatory scrutiny.

Revenue came to 205.6 billion yuan (US$30.4 billion, $41.9 billion) in the June quarter, barely changed from a year earlier but enough to beat an average projection for 204 billion yuan. Net income fell 50% to 22.7 billion yuan. Its US shares surged more than 5% in pre-market trading in New York.

Alibaba is still grappling with the economic fallout from nationwide Covid-related lockdowns and a near-economic contraction in China. Smaller rival JD.com Inc., which escaped the worst of the crackdown, is overtaking Alibaba in sales growth, while up-and-coming competitors such as ByteDance Ltd. to Pinduoduo Inc. are drawing more users away.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.