Alibaba missed top and bottom line expectations for the June quarter of 2024 as it continues to face headwinds in its core e-commerce business amid rising competition and a cautious Chinese consumer.

Shares of Alibaba fell around 3.20% at 06:43 a.m. in premarket trade in the U.S.

Here’s how Alibaba did in the June quarter versus LSEG estimates:

• Revenue: 243.24 billion Chinese yuan ($34.01billion) versus 249.05 billion yuan expected.
• Net income: 24.27 billion yuan versus 26.91 billion yuan expected.

Alibaba has been looking to reignite growth after a tumultuous 2023, when it carried out its largest-ever corporate structure overhaul. This was followed by high-profile management changes, with Eddie Wu taking over the reins as chief executive in September.

The e-commerce giant has been grappling with a cautious Chinese consumer, along with increased competition from rivals such as JD.com and Temu owner PDD.

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