Alibaba - Headwinds still there

All I can say from big picture, is that Alibaba is facing a different set of challenge.

Where Tencent has swiftly shown recovery and improvements, Baba's struggles are different.

Here are some notes to take note of.

Although there are bright growth sparks for International commerce, local consumer services, and Cainiao, it was all offset by a drop in Baba's China commerce.

The e-commerce space is fierce and saturated in China. Baba bore the brunt as

YoY wise, adjusted EBITA deepened to RMB 2.56 billion from RMB 2.33 billion. Adjusted EBITA margin dropped from -13% to -18%.

Once touted as the next growth catalyst of Baba, Alibaba Cloud is slowly fizzling into nothing. While most cloud providers are still reporting 20+% growth YoY, Alibaba Cloud reported a -2% drop in revenue.

Even though Adj EBITA grew, the major concern and spotlight should be on revenue shrinkage.

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