Alibaba 'digesting' cloud demand slowdown post-COVID

Tech group reports growth in all six units in its first quarter

Alibaba Group Holding has reorganized into six units, all of which reported revenue growth for the three months ended in June.

ECHO WONG, Nikkei staff writer

August 10, 2023 21:08 JST

Updated on August 11, 2023 00:07 JST

HONG KONG -- Alibaba Group Holding reported growth in all its six units after it restructured its business in the June quarter, but said its cloud segment was expanding at the slowest rate due to a post-pandemic slump in demand from key customers.

Alibaba on Thursday reported its revenue expanded 14% year-on-year to 234.2 billion yuan ($32.3 billion) for its first quarter ended in June, beating analysts' forecasts, thanks to strong growth in its retail business. Analysts surveyed by Refinitiv had expected the Chinese tech group to report revenue of 224.9 billion yuan.