Alibaba denies sharp slowdown in sales: Report
- 9 years ago
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% for the quarter ending in September, Xinhua said late yesterday.
New York Stock Exchange-listed Alibaba's stock price tumbled, but it closed up 5.14% to $64.04 yesterday.
Alibaba's GMV in the quarter ended in June jumped 34% year-on-year to 673 billion yuan , according to the company.
The company dismissed media reports that turnover on its hugely popular online platforms would grow less than 10% for the quarter ending in September, Xinhua said late yesterday.
New York Stock Exchange-listed Alibaba's stock price tumbled, but it closed up 5.14% to $64.04 yesterday.
Alibaba's GMV in the quarter ended in June jumped 34% year-on-year to 673 billion yuan , according to the company.