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Alibaba’s shares drop as increasing government pressure sees it miss forecasts

August 4, 2021

Via: Charged

Alibaba missed analyst expectations over the previous quarter as increasing competition from rivals and an ongoing government-led “rectification” campaign.

The ecommerce giant saw retail revenues jump by 35 per cent to 180.24 billion yuan (£19.99 billion) in the three months to June, failing to meet average estimates of 184 billion yuan (£20.43 billion).

Its total revenue, which includes its cloud computing business and customer management arm, also missed analyst estimates rising 34 per cent to 205.74 billion yuan (£22.84 billion).

Meanwhile net income also dropped five per cent to 45.14 billion yuan (£5 billion), painting a picture of slowing growth for Asia’s largest retailer.

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