Alibaba's April-June revenue missed expectation amid ongoing crackdown on tech s...
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Alibaba's April-June revenue missed expectation amid ongoing crackdown on tech sector
16 hours agoChinese e-commerce giant Alibaba releases its April-June revenue on Tuesday, lower than analysts' expectations.
Details: Alibaba generated 205.7 billion yuan ($31.79 billion) in revenue in the quarter. According to FactSet's consensus, the revenue figure is lower than analysts' estimates of nearly 251 billion yuan.
Core commerce revenue for Alibaba rose about 34% to 180.24 billion yuan ($27.86 billion) in the quarter, compared with estimates of 184.23 billion yuan. In the previous quarter, the unit's revenue surged more than 70%.
Revenue in its cloud computing division grew 29% year-on-year, reaching 16.05 billion yuan ($2.48 billion)
For the quarter ended June 30, Alibaba posted a profit of 4.49 billion yuan from its investments in its fintech affiliate Ant Group.
Lazada, a cross-border e-commerce division that focuses on Southeast Asia, recorded over 90% year-over-year order growth for the quarter and Indonesia and Vietnam achieving the highest growth of over 100% year over year.
Net income attributable to shareholders fell to 45.14 billion yuan ($6.98 billion), compared with 47.59 billion yuan a year earlier.
On an adjusted basis, the company earned 16.60 yuan ($2.57) per share, above estimates for 14.43 yuan.
Context: The results come amid an ongoing Chinese regulatory crackdown on the tech sector. In April, regulators fined Alibaba a record $2.78 billion for anti-competitive practices, dragging the company to a rare operating loss in the January-March quarter.
During an earnings call with investors, Alibaba CEO Daniel Zhang said the company would continue to monitor the impact of ongoing regulatory changes on the company's business.
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