Alibaba shares dip 3% in premarket after earnings miss expectations despite cloud acceleration

missed top and bottom line expectations for the June quarter of 2024 as it continues to face headwinds in its core e-commerce business amid rising competition and a cautious Chinese consumer.Net income:Revenue was up 4% year-on-year, while net income dropped 29% year-on-year. Alibaba said the net income fall was "primarily due to a decrease in income from operations" and "increase in impairment" from its investments.

Wu has previously said the company intends to release new monetization features for its e-commerce platforms that should return the Taobao and Tmall business back to growth toward the latter half of 2025. In the June quarter, sales from the Taobao and Tmall group, which represents Alibaba's China e-commerce business, fell 1% year-on-year to 113.37 billion yuan.

Meanwhile, Alibaba's overseas online shopping businesses, such as Lazada and Aliexpress, continue to be a bright spot, with sales in the international e-commerce division up 32% year-on-year.

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