Alibaba sales better than expected despite economic turmoil

(Aug 4): Alibaba Group Holding Ltd posted better results than many investors expected, avoiding a sharp sales contraction while signaling an improvement in Chinese consumer sentiment in recent months.

Its shares rose more than 6% in New York. Alibaba’s revenue slid for the first time on record in the June quarter, albeit by a fractional amount that was less than analysts projected. The contraction marked an official end to a decade of sizzling growth for China’s internet giants, which began to wind down in 2021 when regulators slapped curbs on a range of sectors from e-commerce to social media.

China’s e-commerce leader reported revenue of 205.6 billion yuan (US$30.4 billion) in…