The global internet conglomerate Alibaba Group Holding could not meet analysts' forecasts for quarterly sales on Friday. The company reported that its revenue increased moderately, following a decline in demand for advertising and search requests.
Alibaba presented data showing that its revenue for the last quarter increased by 34%, which is impressive, but still lower than analysts' forecasts of 38.2%. The company also experienced pressures from tightening regulatory risks in China, which led to a 2% decline in stocks after trading on Friday.
In its statement, Alibaba emphasized that it continues to strengthen its partnerships and invest in new opportunities for business development. The head of the company, Daniel Zhang, noted that Alibaba aims to expand its influence in the global electronic trade market and develop in the field of digital innovations.
"We remain on the path to growth and are confident in our own development strategy," the head of Alibaba reiterated.
