Reported about 2 months ago
Alibaba Group Holding Ltd. reported a disappointing 4% rise in revenue as its Chinese commerce sector contracted for the first time in over a year, reflecting challenges in China's economy. A significant 27% drop in profits startled investors, raising concerns about the health of consumer spending. The company faces fierce competition in the e-commerce space, leading to a reduction in operating margins. Despite efforts to revitalize growth, uncertainties remain regarding market dynamics and consumer demand.
Source: YAHOO