![]() In response, Trudy Dai, CEO of Taobao and Tmall Group, said Alibaba would invest more to attract bargain hunting consumers, especially young people, older people and shoppers from China's lower-tier cities. Revenue in the first quarter to end-June was helped by a recovery in consumer purchases on Alibaba's Taobao and Tmall marketplaces, boosted in part by the 618 shopping festival, China's second-largest online shopping event, in June.Ĭompetition has increased recently from rivals known for offering low-cost products, such as PDD Holdings Pinduoduo and ByteDance's Douyin, the Chinese version of TikTok, both of which pose major challenges to Alibaba. "The latest macro data indicates some uncertainties in the pace of post-COVID recovery, but as economic and consumer activities continue to resume, our businesses demonstrated encouraging trends," Alibaba Group CEO and Chairman Daniel Zhang told analysts in a post-earnings call. On Wednesday, China reported it tipped into deflation in July at the consumer price level - a development expected to further weigh on shoppers' will to spend. However, fears have grown about China's economy, which has faltered after an initially brisk recovery from the lifting of COVID curbs late last year. The latest revenue figure represents an improvement from flat to 3per cent growth in the past four quarters. Alibaba's net profit rose 51per cent year-on-year. "Most investors had expected an okay quarter, but the magnitude of the outperformance, especially on the profit beat likely exceeded most expectations," said Alicia Yap, an analyst at Citi Bank. The company's U.S.-listed shares rose as much as 5.6per cent to US$100.1 in early trading. The figure beat analysts' estimates of 224.92 billion yuan, according to Refinitiv data. The Chinese e-commerce giant posted first-quarter revenue of 234.16 billion yuan (US$32.29 billion), up 14per cent from the prior-year quarter which was hit by strict pandemic lockdowns. As many current apps are restricted in China, this will allow users in mainland China to receive alerts via an unrestricted app making it more user-friendly.:China's Alibaba Group Holding reported its strongest quarterly revenue growth in almost two years on Thursday as its domestic e-commerce unit focuses on low-cost products to attract consumers amid a sober economic environment. ![]() ![]() DingTalk’s collaborative nature allows organizations to act quickly on market movements, alert relevant internal departments in a timely manner and make better-informed decisions powered by rich insights.Having a centralized channel with all Alerts flowing in will allow teams to better collaborate and act on business-critical news, market shifts/trends, and competitive intelligence. By enabling this integration right from the platform, our customers can now receive automated, AI-powered alerts sent directly to their dedicated DingTalk channels.While DingTalk has many of the same features as Slack, it also includes a slew of monitoring features the US app doesn’t have. DingTalk is part of Alibaba’s efforts to compete with its rival Tencent, owner of messaging app WeChat, in the corporate space.
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