China's Alibaba beats quarterly profit estimates but misses revenue targets

China's Alibaba beats quarterly profit estimates but misses revenue targets

FILE PHOTO: Shopping trolley is seen in front of Alibaba logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Alibaba Group Holding missed analysts’ estimates for quarterly sales on Friday, as lingering economic uncertainty sapped consumer spending in China and weighed on the e-commerce giant’s domestic business.