Alibaba reduces revenue forecast, citing an uncertain economy
Alibaba reduces revenue forecast, citing an uncertain economy
Ltd. reduced its forecast for year-round revenues by 4% to 6%, citing growing doubts about the economy as the expansion slowed recently At its weakest pace in almost a decade.
In the middle of a row of trade with the US., Consumers are tightening the strings of their purse for some purchases. The slowdown is likely to affect sales of consumer durables and Alibaba has already seen slower growth in consumer electronics, especially cell phones, said Vice President Joe Tsai.
It is unlikely that other services, such as the delivery of meals, will be affected, said Tsai. Alibaba has seen continued growth in consumer products, cosmetics and clothing, he said.
China's economy in general is slowing amid the controversial struggle with the United States for trade. But Alibaba also faces headwinds due to strong competition from online Chinese retailers, including
JD -5.50%
and Pingduoduo Inc., said Steven Zhu, senior analyst at Pacific Epoch in Shanghai.
He said it is a highly profitable and profitable segment of Alibaba's business that helps Alibaba expand beyond online retail.
"That's the main problem," he said.
Alibaba, which is listed on the New York Stock Exchange, manages China's two largest online retail platforms, Taobao and Tmall, and its sales serve as an approximate barometer of China's consumer economy amid rising trade tensions with China. the United States.
Alibaba now expects to post 375 billion yuan to 383 billion yuan ($ 53.97 billion to $ 55.12 billion) in year-round revenues, the company said.
During the three months ended September 30, Alibaba's revenues, based in Hangzhou, increased 54% over the previous year to 85.1 billion yuan, driven by strong demand from Chinese consumers online. But that was still below analysts' estimates: analysts polled by FactSet expected the company to publish 86.7 billion yuan. A year earlier, the company recorded revenues of 55.1 billion yuan.
Its net fiscal income in the second quarter rose 13% to 20 billion yuan, almost double the 10.6 billion yuan that analysts expected. A year earlier, he published 17.7 billion yuan.
Revenue from the main trading unit of Alibaba, which manages Taobao and Tmall, increased 56% to 72.5 billion yuan.
Earlier this week,
Baidu
Inc.,
another Chinese technological giant, warned that bitter confidence in China's economy could slow down the growth of the search engine operator's revenues.
Tencent Holdings
Limited.
is scheduled to release earnings on November 14. Baidu, Alibaba and Tencent are collectively known as BATs.
The results of the second quarter are the first earnings to be published after the announcement of Chief Executive Jack Ma in September His plan to retire in one year.
Mr. Ma has said that he hopes that the commercial exchange with the United States will continue for a long time, possibly up to 20 years, and that the companies in both countries will feel the pressure.
Write to Yoko Kubota in yoko.kubota@wsj.com
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