Alibaba Group Holding Ltd. (NYSE:BABA) on Thursday posted weak fiscal third-quarter results.
The company posted quarterly revenue of $40.73 billion, up 2% year-over-year, missing the analyst consensus estimate of $41.26 billion. On a like-for-like basis, excluding revenue from the divested Sun Art and Intime businesses, Alibaba’s revenue would have grown 9% Y/Y.
The adjusted earnings per American Depositary Share (ADS) came in at $1.01, missing the analyst consensus estimate of $1.73.
CEO Eddie Wu said Alibaba continued to invest heavily in AI and consumer businesses during the quarter, positioning AI as a key long-term growth driver. “AI is and will continue to be one of our primary growth engines,” Wu said.
He …