China’s largest e-commerce group by market share has had a tumultuous year since announcing the biggest shake-up in its 25-year history in March 2023, splitting into six units and refocusing on its core businesses, including domestic e-commerce.
Group net income, however was 3.27 billion yuan ($452 million), compared with 23.52 billion yuan a year ago.
The group reported revenue of 221.87 billion yuan in the three months ended March 31, compared with a consensus estimate of 219.66 billion yuan, according to LSEG data.
The segment delivered with 45% growth, compared with an expected 39% revenue rise, according to LSEG data.
It also saw losses nearly double to 4.1 billion yuan ($567 million) from 2.2 billion a year ago as it invested heavily to remain price competitive and shorten delivery times.
Persons:
Joe Tsai, ”, “, Jacob Cooke
Organizations:
Reuters, Consumers, Tmall, Technologies
Locations:
Hong Kong, New York, China