17:38 - 15.11.2024

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November 15, Fineko/abc.az. Chinese e-commerce giant Alibaba reported a higher quarterly profit than analysts expected, but company's income fell short of average forecasts, as slowdown in world's second largest economy affected consumer spending.

ABC.AZ informs that according to company's statements, net profit for the three months ending September 30 increased by 58% yoy and reached 43.9 billion Chinese yuans ($6.07 billion), while analysts surveyed by LSEG expected a figure of 25.83 billion yuans.

Meanwhile, revenue amounted to 236.5 billion yuans (5% higher against the 2023 same term, but below market forecasts of 238.9 billion yuans).