Consumption paradox

30 January 2019 By Robyn Mak Follow @mak_robyn

Quarterly sales grew 41 pct, the weakest pace in three years. But there’s still momentum in Jack Ma’s retail juggernaut. China’s wider slowdown has been marked by tepid demand for big-ticket items like iPhones. Everyday purchases like groceries and apparel are propelling Alibaba.

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Chinese e-commerce company Alibaba on Jan. 30 reported revenue of 117 billion yuan ($17.4 billion) for the three months to December, an increase of 41 percent from the same quarter last year.

Earnings increased 33 percent year-on-year to 31 billion yuan.

In September, Alibaba cut its fiscal year 2019 revenue guidance to between 375 billion yuan and 383 billion yuan, representing a 4 percent to 6 percent decrease from its previous target.

U.S.-listed Alibaba's stock rose 2.3 percent to $160.50 during pre-market trading on Jan. 30.

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