Alibaba misses quarterly revenue estimates, cloud revenue rises 7%

Alibaba Group Holding missed analysts’ estimates for quarterly sales on Friday, as lingering economic uncertainty sapped consumer spending in China and weighed on the e-commerce giant’s domestic business.

Its U.S.-listed shares were up 3.3% in pre-market trading, however, as it reported an adjusted profit of 15.06 yuan per American Depository Share, beating estimates of 14.88 yuan.