Alibaba Group Falls Short of Analysts' Sales Targets

Alibaba Group Holding missed analysts' quarterly sales forecasts due to ongoing economic uncertainty in China, which has reduced consumer spending and negatively affected the e-commerce giant's domestic operations. Another Chinese e-commerce giant, JD.com, also missed its quarterly revenue forecasts.

Alibaba reported revenues of 236.50 billion yuan ($32.72 billion) for the second quarter ending September 30, while the average forecast by analysts was 240.17 billion yuan. The company stated that its adjusted net profit for the second quarter was 36.5 billion yuan, with earnings per share of 1.88 yuan.

Sources also indicated that Alibaba Group Holding Ltd is considering a bond issuance equivalent to approximately $5 billion this month.