Alibaba disappoints despite strategy shifts, while JD beats forecasts

JD.com sticks to 'low price strategy' as Alibaba opts for more sustainable GMV growth

Alibaba Group misses sales forecasts in its second quarter. © Getty Images

CISSY ZHOU and ECHO WONG, Nikkei staff writers

August 15, 2024 20:14 JST

Updated on August 16, 2024 00:21 JST

HONG KONG -- Despite a "high single-digit" gain in online sales in the April to June quarter, e-commerce conglomerate Alibaba Group Holding's revenue moderately missed expectations on the year, with total sales growth over 2 percentage points behind consensus.

Alibaba's revenue grew 4% on the year to 243.24 billion yuan ($33.47 billion) in the June quarter, below the average forecast of 249.05 billion yuan by analysts LSEG surveyed.