China’s Alibaba missed market estimates for quarterly revenue on Friday as the company’s e-commerce business grapples with tough competition and choppy consumer demand, overshadowing gains in its cloud computing business.
The company reported total revenue of 247.65 billion yuan ($34.62 billion) in the first quarter ended June, compared with an estimate of 252.92 billion yuan, according to data compiled by LSEG.
($1 = 7.1529 Chinese yuan renminbi)
(Reporting by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Editing by Pooja Desai)
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