Alibaba Misses Earnings as CEO Eddie Wu Aims to Revitalize Alibaba's Core China Business
Alibaba missed earnings and revenue expectations for the June 2024 quarter. The company's core China e-commerce business sales from Taobao and Tmall fell year-over-year due to competition and a cautious consumer environment. However, gross merchandise value grew by double digits. Alibaba's cloud computing division revenue grew, while cloud profitability sharply increased. Alibaba is focusing on transitioning its China commerce to prioritize third-party sellers and new monetization tools to return to growth by late 2025. CEO Eddie Wu has been working to stabilize the core China business since taking over last year.
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00:00It's Benzinga, and here's what's on the block.
00:02Alibaba missed earnings and revenue expectations for the most recent quarter.
00:07The company's core China e-commerce business sales from Tmall fell year over year due to
00:11competition and a cautious consumer environment.
00:14However, gross merchandise value grew by double digits.
00:17Alibaba's cloud computing division revenue grew while cloud profitability sharply increased.
00:22Alibaba is focusing on transitioning its China commerce to prioritize third-party sellers
00:26and new monetization tools to return to growth by late 2025.
00:31CEO Eddie Wu has been working to stabilize the core China business since taking over
00:35last year.
00:36For all things money, visit Benzinga.com.