A woman walks past an Alibaba sign outside the company's office in Beijing on April 13, 2021. Photo by GREG BAKER / AFP
Beijing: Chinese e-commerce giant Alibaba reported a 29 percent fall in quarterly profit on Thursday as it battles sluggish consumption during an economic slowdown.
The company's net income attributable to shareholders came in at 24.3 billion yuan ($3.3 billion) in the quarter ending June 30, Alibaba said in its filing, down from 34.3 billion yuan in the same period in 2023.
Alibaba runs some of China's most popular e-commerce apps and its performance is widely considered an indicator of broader economic trends.
China released another series of disappointing indicators on Thursday, despite recent government measures to boost growth.
Alibaba's revenue for the first quarter was 243.2 billion yuan, up 4 percent from the previous year.
The firm's results contrast starkly with rival shopping app operator JD.com, which announced a whopping 92.1 percent increase in profit for the past quarter.
