China’s e-commerce giant Alibaba group misses Q1 revenue estimates

Alibaba Group Holding missed market expectations for first-quarter revenue on Thursday, as the company’s domestic e-commerce sales came under pressure from cautious spending by Chinese consumers in a faltering economy.

US-listed shares of the company fell about 4 per cent in premarket trading.

A halting economic recovery in China coupled with a persistently weak property market and high job insecurity levels have sapped consumer confidence and spending power in the world’s No. 2 economy, hitting global firms across the board.