Alibaba sales better than feared despite economic turmoil ...Qatar

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Alibaba sales better than feared despite economic turmoil
source : Gulf Times ( Qatar ) () 22
Alibaba Group Holding Ltd posted better results than many investors feared, avoiding a sharp sales contraction while signalling an improvement in Chinese consumer sentiment in recent months. Its shares slid about 2% in Hong Kong, shedding part of the 5.2% gained on Thursday before the results. Revenue shrank for the first time on record in the June quarter, albeit by a fractional amount that was less than analysts projected. The contraction marked an official end to a decade of sizzling growth for China’s Internet giants, which began to wind down in 2021 when regulators slapped curbs on a range of sectors from e-commerce to social media. China’s e-commerce leader reported revenue of 205.6bn

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