Alibaba reported weaker-than-expected first-quarter revenue on Friday, as its core e-commerce division continued to face stiff competition and sluggish consumer demand.
The slowdown overshadowed stronger performance in the company’s cloud computing arm, News.Az reports, citing Reuters.
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)
