China's Alibaba beats quarterly revenue estimates, but profit slumps 86%

China's Alibaba beats quarterly revenue estimates, but profit slumps 86%

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

China’s Alibaba Group Holding beat analysts’ estimates for fourth-quarter revenue on Tuesday, as a focus on low-cost goods in response to cautious consumer spending helped boost domestic e-commerce sales in the three-month period.