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China's e-commerce giant Alibaba misses first-quarter revenue estimates
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China's e-commerce giant Alibaba misses first-quarter revenue estimates
Aug 15, 2024 3:59 AM

Aug 15 (Reuters) - Alibaba Group Holding ( BABA )

missed market expectations for first-quarter revenue on

Thursday, as the company's domestic e-commerce sales came under

pressure from cautious spending by Chinese consumers in a

faltering economy.

The company reported revenue of 243.24 billion yuan ($33.98

billion) in the quarter ended June 30, compared with analysts'

average estimate of 249.05 billion yuan, according to LSEG data.

($1 = 7.1584 Chinese yuan renminbi)

(Reporting by Deborah Sophia in Bengaluru and Casey Hall in

Shanghai; Editing by Sriraj Kalluvila)

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