Alibaba Group Holdings, the Chinese multinational technology company specializing in e-commerce, retail, and internet, missed first-quarter revenue estimates as its domestic e-commerce sales struggled due to cautious consumer spending and a weak Chinese economy. Despite increased purchases and frequency, Alibaba’s domestic e-commerce revenue fell 1%, driven by competition and the need for heavy discounting, which pressured margins. Alibaba’s international e-commerce unit grew 32%, and its cloud segment saw a 6% revenue increase, partly offsetting domestic challenges, as the company focused on new monetization tools and global expansion.
China’s Spending Slump Weighs as E-commerce Giant Alibaba Misses Estimates
