Taobao and Tmall Group revenue grew 4% Y/Y to $13.39 billion. Cloud Intelligence Group grew by 2% Y/Y to $3.79 billion.
The report cited Willer Chen of Forsyth Barr Asia Ltd, who flagged Alibaba's challenges due to a slow consumption recovery in China, increased competition in e-commerce, and heightened regulatory concerns, all of which have negatively impacted investor sentiment.
In July 2023, China ended its regulatory overhaul on fintech affiliate Ant Group by imposing a penalty of 7.12 billion yuan.
Price Action: BABA shares traded lower by 3.93% at $76.00 premarket Friday.
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