Alibaba's Q3 Earnings Miss Estimates, But Revenues Rise as Company Promises E-commerce Revival

Alibaba reported third-quarter fiscal 2024 earnings of $2.67 per ADS, missing estimates, with revenues rising 5% year-over-year to $36.7 billion. The increase was driven by strong momentum in international commerce retail and local services, but sluggish growth in the China commerce business was a concern. Operating details showed increased expenses and a decrease in operating income. The company's cash and cash equivalents increased, and it generated $9.1 billion in cash from operations. Alibaba carries a Zacks Rank #3 (Hold), and investors interested in the retail-wholesale sector may consider stocks like Amazon, Fastenal, and Darden Restaurants.