Alibaba and JD miss earnings estimates as China consumption remains soft

Platforms extend Singles Day event but remain mum on sales figures

Delivery couriers sort out parcels for their customers at a distribution center for e-commerce platform JD.com in Beijing on Nov. 11. © AP

CISSY ZHOU, Nikkei staff writer

November 15, 2024 21:24 JST

HONG KONG -- Alibaba Group reported a disappointing quarterly performance on Friday amid weak consumption in China. Revenue grew 5% on the year to 236.5 billion yuan ($33.7 billion) in July-September, missing the average estimate of 238.92 billion yuan by analysts surveyed by LSEG.

Net income was 43.55 billion yuan, an increase of 63% year-over-year. The company's preferred earnings measure, non-GAAP profit, which excludes non-operational items, decreased 9% on the year.