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Alibaba shares dip 4% in premarket after earnings miss expectations despite cloud acceleration

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Alibaba continues to face headwinds in its core e-commerce business amid rising competition and a cautious Chinese consumer.

Alibaba missed 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.

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.White House says negotiated prices for Medicare drugs will save U.S. $6 billion, beneficiaries $1.5 billion in first year

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.

 

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