Arab Today, arab today alibaba denies sharp slowdown in sales
Last Updated : GMT 09:22:45
Arab Today, arab today
Arab Today, arab today

Alibaba denies sharp slowdown in sales

Arab Today, arab today

Arab Today, arab today Alibaba denies sharp slowdown in sales

Alibaba
Shanghai - AFP

E-commerce giant Alibaba has denied its sales volume growth has slowed into single digits because of China's faltering economy, the official Xinhua news agency reported, after comments by an executive raised worries over performance.
The company dismissed media reports that turnover on its hugely popular online platforms would grow less than 10 percent for the quarter ending in September, Xinhua said late Wednesday.

An Alibaba spokeswoman on Thursday described the Xinhua report as accurate but made no further comment.

It came after Alibaba investor relations chief Jane Penner said gross merchandise volume (GMV) -- a measure of value for online sales -- for the current quarter came in lower than the company had forecast, Bloomberg News reported.

"We are observing some negative impact to the magnitude of the spending," Bloomberg quoted Penner as telling the Citi Global Technology Conference in New York.

"We believe that our September quarter GMV will be mid-single-digits lower than our initial expectations."

New York Stock Exchange-listed Alibaba’s stock price tumbled on Tuesday, but it closed up 5.14 percent to $64.04 on Wednesday.

Alibaba’s GMV in the quarter ended in June jumped 34 percent year-on-year to 673 billion yuan (then valued at $109 billion), according to the company.

Alibaba executive vice chairman Joe Tsai told Xinhua that the stock price should reflect the company's actual performance.

"Comments about the Chinese economy will not affect our confidence in allowing our performance to speak for the company," he said.

China's economy has slowed further this year, expanding 7.0 percent in each of the first two quarters, after its growth for last year hit a 24-year low of 7.3 percent.

Alibaba's Taobao platform holds more than 90 percent of the consumer-to-consumer market in China, and its Tmall platform is believed to command more than half the Chinese market for business-to-consumer transactions.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alibaba denies sharp slowdown in sales Arab Today, arab today alibaba denies sharp slowdown in sales

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday