China's largest e-commerce firm, Alibaba.com, posted an 11.9-percent rise in quarterly net profit, which is their slowest growth in nearly two years, which has led to Alibaba.com raising conerts due to a weak trade outlook coming from debt worries in Europe and the US.
Alibaba.com's third-quarter results missed analysts forecasts and were attributed to a weak macroeconomic climate that led to a slower pace of customer additions. Dick Wei, an analyst with JPMorgan says:
They are focusing on the quality of suppliers and also improving the overall quality of products that they are offering, such as some of the newer services to help buyers to check the quality of products before they are shipped. If you look at customer growth, there are no new initiatives and growth is not that top priority at this point," Wei said. "Revenue will pick up again later in 2012 or 2013.
If you don't know who or what Alibaba.com is, they're an e-commerce website that links Chinese businesses who are looking to sell their goods overseas. Alibaba Group, which was founded by billionaire Jack Ma is 40-percent owned by Yahoo Inc. For more of a read, check out the source link.
Last updated: Apr 7, 2020 at 11:24 am CDT
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