Alibaba Expects lower Results due to decreasing Chinese Confidence. Internet giant Alibaba has become more negative about its growth shortly.
The Chinese company downgrades its forecast for the entire broken financial year due to uncertain economic conditions.
The Asian counterpart of Amazon expects an annual turnover of between 41.7 billion and 42.7 billion pounds, which is 4 to 6 percent lower than the previous forecasts.
Alibaba in China, among other things, suffers from reduced consumer confidence as a consequence of the trade war with the United States.
Also, the company of Jack Ma is facing competition from competitive online marketplaces such as JD and Pinduoduo.
The government also strengthens its grip on internet companies.
In the past quarter, the internet business grew strongly, although sales were lower than analysts had expected.
In the three months to September, the total revenues of Alibaba amounted to 9.5 billion pounds,
a rise of 54 percent compared to a year earlier.
Net profit increased by 5 percent to more than 1.9 billion pounds.