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Alibaba Misses Forecasts on Chinese Consumer Slowdown, Competition

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  U.S.-listed shares of Alibaba Group dropped Thursday as the e-commerce giant missed profit and sales forecasts on slowing consumer spending in China and tougher competition.

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Alibaba Group Holding Ltd. reported weaker-than-expected quarterly revenue due to a slowdown in Chinese consumer spending and increased competition, with revenue reaching 247.76 billion yuan ($34.7 billion), missing the forecasted 251.17 billion yuan. The company's adjusted earnings per American depositary share were 14.82 yuan, falling short of the expected 15.96 yuan. Alibaba's CEO, Daniel Zhang, highlighted the challenging economic environment and intensified competition as key factors affecting the company's performance. Despite these challenges, Alibaba's Taobao and Tmall Group saw a 4% year-over-year revenue increase, while the company's international commerce retail business grew by 24%. To address these issues, Alibaba announced a $15.5 billion increase in its share repurchase program, signaling confidence in its long-term growth prospects.

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