Alibaba shares dip 3% after quarterly earnings miss expectations despite cloud acceleration

Signage at the Alibaba Group Holding Ltd. headquarters in Hangzhou, China, on Friday, Aug. 2, 2024.Alibaba missed top and bottom line expectations for the June quarter of 2024 as it continues to face headwinds in its core e-commerce business amid rising competition and a cautious Chinese consumer.Shares of Alibaba fell around 3.20% at 06:43 a.m. in premarket trade in the U.S.Here's how Alibaba did in the June quarter versus LSEG estimates:Revenue: 243.24 billion Chinese yuan ($34.01billion) versus 249.05 bi ...