Alibaba shares dip as quarterly revenues miss expectations
Here's how Alibaba did in the quarter, which ended Mar. 31, 2022, compared with Refinitiv consensus estimates:Non-GAAP diluted earnings per shareThe report is Alibaba's first since splitting into six units and is also the first whose numbers reflect China's reopening.
The company also announced plans to raise money from outside investors for its international digital commerce group, which includes the Lazada and AliExpress online shopping platforms. Alibaba's board approved the start of an exploration of listing its Freshippo retail business in the next six to 12 months, the company said.The year got off to a tepid start, with overall sales of online physical goods staying weak, bosses of major e-commerce platformsRetail sales in China rose by 18.4% in April, according to recent economic data. China's economy grew 4.5% in the first quarter, achieving the fastest pace in a year.
The new company structure is broken down into six divisions: Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics, Global Digital Commerce Group, and Digital Media and Entertainment Group., as Beijing's enforcement of the rules becomes more predictable.
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