FILE PHOTO: The logo of Alibaba Group is seen at the company’s headquarters in Hangzhou, Zhejiang province, China July 20, 2018. REUTERS/Aly Song/File Photo
(Reuters) – China’s Alibaba Group Holding Ltd (BABA.N) reported lower-than-expected second-quarter revenue on Friday, another sign of slowing momentum for China’s giant e-commerce platforms and its economy.
Revenue rose 54.5 percent to 85.15 billion yuan ($12.39 billion) for the three months through September, compared with the average analyst estimate of 86.51 billion yuan, according to IBES data from Refinitiv.
Net income attributable to ordinary shareholders rose 13 percent to 20.03 billion yuan, or 6.78 yuan per share.
($1 = 6.8712 Chinese yuan renminbi)
Reporting by Catherine Cadell; Additional reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur