Alibaba’s domestic retail businesses saw revenue down 1% in Q2, JD posts retail slowdown

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Alibaba missed expectations both in revenue and net profit in the second quarter as its domestic retail businesses faced continued pressure from rivals and the macro environment. Total earnings grew 4% from a year earlier to RMB 249.8 billion ($34.8 billion), with China-focused Taobao Tmall Group recording a 1% revenue drop. Rival JD, in contrast, hit a record high in net profit while recording a 1.2% revenue rise to RMB 291.4 billion. JD Retail, the unit where the Beijing-based firm’s main revenue source is rooted, only saw 1.5% earnings growth in the quarter that included China’s second-biggest shopping festival 618. Last quarter, the retail unit recorded a 6.8% rise in net revenues.