HONG KONG — Alibaba Group reported a disappointing quarterly performance on Friday amid weak consumption in China. Revenue grew 5% on the year to 236.5 billion yuan ($33.7 billion) in July-September, missing the average estimate of 238.92 billion yuan by analysts surveyed by LSEG.
Net income was 43.55 billion yuan, an increase of 63% year-over-year. The company’s preferred earnings measure, non-GAAP profit, which excludes non-operational items, decreased 9% on the year.
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