China’s Alibaba missed out on market estimates for quarterly profits on Friday as the firm’s ecommerce business faces challenging competition and rough consumer need , overshadowing gains in its cloud computer organization.
The company reported overall profits of 247 65 billion yuan ($ 34 62 billion) in the very first quarter finished June , compared to a quote of 252 92 billion yuan, according to information compiled by LSEG.
($ 1 = 7 1529 Chinese yuan renminbi)
(Coverage by Deborah Sophia in Bengaluru and Casey Hall in Shanghai; Modifying by Pooja Desai)
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